M&A Roundup: Mozido, CorFire, Payment Data Systems, Akimbo Financial (Dec. 22, 2014)
Industry experts earlier this year predicted abundant M&A activity in the payments industry, and they are being proved correct right to the very end of 2014.
Mozido LLC, a startup that focuses on cloud-based, white-label mobile payments services for banks and merchants, has acquired majority ownership in CorFire, a U.S.-based mobile commerce company previously owned by South Korean IT services provider SK C&C, which will remain an investor in CorFire, according to an announcement. Mozido said it’s gaining a mobile commerce company that’s a strong player in the NFC-enabled mobile wallet arena, which complements Mozido’s mobile financial services and retail marketing capabilities.
Also announced this month, Payment Data Systems Inc., an integrated electronic payments solutions provider, announced it’s acquiring substantially all of the assets of Akimbo Financial Inc., a social payments provider and prepaid card program manager, for $3 million to be paid primarily in common stock.
Louis Hoch, CEO of FiCentive Inc., a wholly owned subsidiary of Payment Data Systems, said the Akimbo acquisition will help the company gain market share in the GPR segment because of its experienced prepaid team and front-end prepaid card technology, including mobile applications.
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