Pay By Touch completes BioPay acquisition
16 January 2006 | 1450 views | 0
Source: Pay By Touch
Pay By Touch, the leading provider of biometric authentication, loyalty, membership, and payment solutions, today announced it has completed the acquisition of BioPay LLC for $82 million in stock and cash.
BioPay is a biometric services provider with more than two million enrolled consumers that has authorized more than $7 billion in biometrically-authenticated transactions. The purchase fuses each company's unique strengths to deliver new capabilities and solutions to retailers and consumers.
Pay By Touch has signed agreements to implement biometric payment systems in two of the top five U.S. grocers, supplies loyalty solutions to 55 of the top 100 national retailers, and provides payment solutions to more than 125,000 merchants. BioPay holds the leading position in biometrically authenticated check cashing, with 1,600 retailers across the country. Both companies' clients and consumers will now have access to the combined suite of biometric product offerings.
"Pay By Touch and BioPay together bring buyers and sellers one step closer to making biometric transactions ubiquitous around the world," said John Rogers, founder, chairman, and CEO of Pay By Touch. "The addition of BioPay's technology and customers further strengthens Pay By Touch's comprehensive suite of innovative solutions for retailers of all sizes -- and virtually any business conducting financial transactions."
Under the terms of the deal, Pay by Touch will acquire and assume responsibility for all of the BioPay, LLC assets, including its patent portfolio, as well as its retail customers and enrolled members.
The acquisition comes on the heels of a period of explosive fundraising for Pay By Touch, which closed on $130 million in financing in September of 2005.