Seamless Distribution (NASDAQ:SEAM), a mobile payments technologies provider, has acquired Norwegian technology company MeaWallet AS for a purchase price of $5.04 million (SEK 42.8 million), helping push its contactless payments strategy, according to a Seamless statement.
The acquisition is important for Seamless’ payments ambitions and helps open up new business channels via MeaWallet´s technology. This caters to a number of different institutions, specifically those within the mobile payments market. For its part, MeaWallet provides technical solutions for cloud based payment services, leveraging Host Card Emulation (HCE) technology.
The recent deal will also see the acquisition of MeaWallet’s technology that helps aid Seamless’ SEQR business – this directly impacts the group’s technology that can be sold to institutions who want to establish themselves within the mobile payments realm.
The acquisition will feature a payment that is slated to be made through the issue of 4,574,328 new shares in Seamless towards existing holders of shares. Furthermore, shareholder loans and convertible debentures in MeaWallet will accompany 2,637,968 shares that will be paid with shares in MeaWallet and 1,936,360 shares will be paid with shareholder loans and convertible debentures.
Earlier this week, Seamless expanded its SEQR solution within Sweden, via the use of Near Field Communication (NFC) technology, a set of communication protocols that helps streamline connectivity between electronic devices. The SEQR Contactless serves as borderless solution that caters to users requiring international transactions utilizing contactless card terminals.