Trintech to acquire Globeset
20 November 2000 | 2339 views | 0
California-based Trintech has agreed to acquire the assets of cash-strapped e-payments solutions company Globeset.
Globeset, which recently shut down its international operations and laid off the bulk of its US workforce, is a supplier of e-payment infrastructure services and products for banks, retailers and corporations. The company's products include an enterprise wallet platform, a secure payment processing platform, and a back office business-to-business platform. The Texas-headquartered firm has about 300 customers and alliances with Microsoft and Oki Electric Industry
Under the terms of the agreement, Trintech will acquire Globeset's primary assets for approximately $31 million made up of $10 million in stock and the remainder in cash and the assumption of liabilities. The deal is expected to close within 30 days.
John McGuire, CEO of Trintech comments: "This acquisition should be very synergistic because it should result in improved market position on a global basis, an expanded customer base for Trintech's suite of secure payment applications and a broader product offering to Globeset's customers."