For a purchase price of Approximately $100m
US-based MasterCard has acquired Orbiscom, a Dublin, Ireland-based payment services software provider, for a purchase price of approximately $100m, a portion of which is contingent upon the future performance of Orbiscom’s business.
MasterCard said that the acquisition builds on the companies’ existing partnership that created MasterCard inControl, a platform featuring an array of advanced authorization, transaction routing and alert controls designed to assist financial institutions in creating new and enhanced payment offerings.
The acquisition paves the way for more innovation and deployment of turn-key payment platforms such as MasterCard inControl, which has seen significant interest from financial institutions since its introduction, according to MasterCard.
Robert Selander, president and CEO of MasterCard, said: By adding Orbiscom’s expertise, intellectual property and talented team of innovative payments-industry professionals to MasterCard, we will further accelerate the development of new payment solutions for our customers. As part of this agreement, Orbiscom’s existing customers, who include leading financial institutions, will receive continued support for current Orbiscom products and the opportunity for new capabilities to help them develop new payment solutions.
Garry Lyons, CEO of Orbiscom, said: At Orbiscom, we have valued our partnership with MasterCard and are pleased to build on the relationship. Joining MasterCard, a proven, global payments leader, enables Orbiscom’s innovations to come to life on a bigger scale.