Proxama, the global mobile marketing, loyalty and payments company, announced today that it is in the process of acquiring Aconite Technology Ltd., the leading EMV enablement and smart product management software provider.
The press release stated that the unification of the two companies will create a compelling end-to-end solution for card issuers to migrate from magnetic stripe credit cards to both EMV-compliant chip-based cards and contactless payment-enabled mobile devices.
The final terms of the acquisition are still subject to the completion of appropriate legal and financial due diligence and the agreement of definitive terms.
Neil Garner, CEO and Founder, Proxama said “We see this union as a way for banks, issuers and retailers to rapidly deploy secure EMV and NFC contactless payment solutions, as well as provide proximity marketing services, all in one go”.
“No other technology provider offers this suite of capabilities to support migration of cards and also drive card transactions in store using proximity technologies. We believe our offering places us in a position to lead the market, particularly in the US, due to our existing international expertise.”
Both companies have a strong business pipeline in the U.S. market where there is demand for the companies’ international expertise in the NFC and mobile payments industries. Aconite and Proxama’s history together dates back to 2008, when the two companies first collaborated on one of the world’s first technology demonstrations showcasing the ability to remotely manage NFC mobile phone applications.
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