By Justin Lee
August 3, 2015 -
The acquisition marks ID Global’s entry into the Latin American payment gateway services market.
Headquarted in Bogota, Colombia, Multipay offers multifunctional payment gateway services to merchants, enterprise businesses and banking institutions in Colombia and Peru.
MultiPay provides end-to-end transaction processing technology, including transactional routing, payment gateways, electronic devices management, stored value card programs, mobile financial solutions and value added services to payment and services networks.
“We are excited to move ahead with the acquisition of MultiPay SAS in Bogota, Colombia and expand our payment technology portfolio,” said Thomas Szoke, CEO of ID Global Solutions Corporation. “Our entry into this new business vertical – multifunctional payment processing – gives us a significant foothold in the secured processing payment industry.”
ID Global’s multi-functional payment transaction solution, Tranxa, is a biometric identity management system that also includes IDSearch, second and third factor authentication technology as well as its mobile wallet application SRIO.
The company also recently completed a private placement of approximately $900,000, which will be used to expand its operations in the secured payment processing and biometrics industry.