MasterCard has acquired Dublin-based card security company Orbiscom for a maximum consideration of $100 million.
The acquisition builds on the companies' existing partnership that created MasterCard inControl, a turnkey platform for developing tailored card programmes attuned to issuer client requirements. The product set features a menu of authorisation, transaction routing and alert controls which can be switched on as required.
In 2008, Royal Bank of Scotland became the first financial institution to implement MasterCard inControl for its commercial card customers.
Robert Selander, MasterCard president and chief executive officer, comments: "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."
The $100 million price tag for Orbiscom - owned by European private equity investor HgCapital - includes an earn-out related to future performance. The company currently employs about 50 staff from offices in New York and Dublin.
Garry Lyons, chief executive officer, Orbiscom, states: "Joining MasterCard, a proven, global payments leader, enables Orbiscom's innovations to come to life on a bigger scale."