Seamless Distribution, a Sweden-based provider of mobile payment systems, has acquired Norwegian technology firm MeaWallet for approximately SEK42.8m.
Through the acquisition, Seamless acquires important technology for its mobile payment service SEQR.
At the same time, the deal opens a new business area for Seamless where the technology can be sold to institutions who want to establish themselves within the field of mobile payments.
Incorporated in 2012, MeaWallet offers technical solutions for cloud based payment services and is an expert in the field of Host Card Emulation (HCE) technology. During the financial year 2015, the company registered a turnover of NOK1.27m and a loss of NOK14. 40m.
Seamless said that this acquisition will enable its control important technology in the rapidly growing field of contactless payments.
Seamless CEO Peter Fredell said: “Our mobile solution SEQR already uses MeaWallet´s technology to facilitate contactless payments so we are well acquainted with the company. Their solutions, including Host Card Emulation (HCE), are technologically leading and it is a strategically crucial technology for mobile payments that we now control.
“The acquisition also enables us to open a new business area where we will sell MeaWallet´s technology to institutions who want to establish themselves in the mobile payments market. Here we expect to see rapid expansion as the solutions provided by MeaWallet are crucial for mobile payments,” Fredell added.