Seamless Distribution (NASDAQ:SEAM), a cellular funds applied sciences supplier, has acquired Norwegian know-how firm MeaWallet AS for a purchase order worth of $5.04 million (SEK 42.eight million), serving to push its contactless funds technique, in accordance with a Seamless assertion.
The acquisition is essential for Seamless’ funds ambitions and helps open up new enterprise channels through MeaWallet´s know-how. This caters to a variety of completely different establishments, particularly these throughout the cellular funds market. For its half, MeaWallet offers technical options for cloud based mostly cost companies, leveraging Host Card Emulation (HCE) know-how.
The latest deal may also see the acquisition of MeaWallet’s know-how that helps help Seamless’ SEQR enterprise – this instantly impacts the group’s know-how that may be bought to establishments who wish to set up themselves throughout the cellular funds realm.
The acquisition will characteristic a cost that’s slated to be made by way of the problem of 4,574,328 new shares in Seamless in direction of present holders of shares. Moreover, shareholder loans and convertible debentures in MeaWallet will accompany 2,637,968 shares that shall be paid with shares in MeaWallet and 1,936,360 shares shall be paid with shareholder loans and convertible debentures.
Earlier this week, Seamless expanded its SEQR answer inside Sweden, through the usage of Close to Area Communication (NFC) know-how, a set of communication protocols that helps streamline connectivity between digital units. The SEQR Contactless serves as borderless answer that caters to customers requiring worldwide transactions using contactless card terminals.