Stakool and LinQpay a leading Mobile Payment and Global Payment Services company, today announced the signing of a definitive agreement whereby Stakool will acquire 100% of LinQpay.
The acquisition joins two complementary businesses, positioning Stakool, Inc. to capitalize on the growing mobile payment and web-based payment opportunities. With services in South Africa, China and India, LinQpay offers two complementary services: Mobile LinQ and Global LinQ. Mobile LinQ, the patented mobile carrier and device agnostic Mobile Payment Service leverages standard wireless phones merchants already carry to process secure payments and deliver user friendly real-time data. Global LinQ, enables e-commerce merchants a single point of connection for global payment methods and multi-currency transactions. LinQpay's clients include Tupperware, Avroy Shlain, University of Johannesburg and the University of KwaZula-Natal. The acquisition will enable Stakool to provide leading payment solutions to all segments of the e-commerce and m-commerce industries.
"This is an investment in growth," said James Byler, LinQpay CEO. "The acquisition gives Stakool, Inc. a solid footprint both in the rapidly expanding mobile payment and e-commerce payment segments. We believe the combination creates a unique opportunity to allow us to better serve the industry and positions Stakool, Inc. for future growth and new business opportunities."
Terms of the deal were not disclosed. The agreement is subject to approvals by the boards of directors of both Stakool, Inc. and LinQpay. The transaction is expected to close in late July 2010.
James Byler will be appointed CEO of Stakool, Inc. and will join the board of directors.