Net Element International has inked an agreement to purchase transaction processing services and payment-enabling technology start up, Unified Payments, for an undisclosed sum.
The planned acquisition will broaden Net Element International’s suite of payment processing technologies and position the company for continued global growth.
Upon completion of the transaction, the acquirer will manage Unified Payments through its newly formed subsidiary and holding company, TOT.
The acquirer is planning to aggressively begin deploying Unified Payments’ products and services in Russia and other emerging markets, while diversifying its business base in North America.
Unified Payments co-founder and executive chairman Oleg Firer will be appointed as chief executive officer of Net Element International, while Steven Wolberg will assume the post of chief legal officer.
Net Element International’s current president of mobile commerce and payment processing Tim Greenfield, will become president of corporate development.
These management changes are expected to take place, after completion of the proposed acquisition.
Headquartered in Miami and international headquarters in Moscow, Net Element International owns and operates a mobile payments company, TOT Money, as well as several popular content monetization verticals.