IDG News Service - Software developer Network365 Ltd. is merging with payment technology provider iPIN to create a new company aimed at charging up the electronic and mobile payments market.
Newly formed Valista Ltd. will draw upon Network365's mobile customers and strength in Asia as well as iPIN's U.S. and European Internet service provider clients, the companies said Monday.
"We have very complementary products and geographical focus so our solutions fit hand in glove," said Network365 Senior Vice President of Sales and Business Development Chris Beukers.
Wicklow, Ireland-based Network365 develops software that lets wireless operators, banks and enterprises deploy mobile data services, such as payments, through its mzone product. Its current customers include NTT DoCoMo Inc. and 3 UK Ltd. IPIN, in Belmont, Calif., offers mobile and electronic payment technology that is deployed by operators such as Vodafone U.K. Ltd. and France's Orange SA.
Valista will initially focus on its wide base of Internet service providers and mobile customers, Beukers said, with banks and enterprises slated for second-stage development. The new company will initially target the prepay recharge and digital content management markets, he added.
The merger is expected to close in January, with Network365 CEO Raomal Perera at its helm.
Existing customers won't see any service changes as the merger gets under way, although as Valista develops, customers can expect to see different regional services expanded and adapted for other markets, Beukers said.
Both companies are privately held and the value of the deal was not disclosed.
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