Security technology company NXT-ID is acquiring internet of things (IoT) payments company Fit Pay.
The financial terms of the deal are undisclosed but Fit Pay will become a wholly-owned subsidiary of NXT-ID as a result of the acquisition. Fit Pay CEO Michael Orlando will become chief operating officer of NXT-ID while remaining president of Fit Pay.
The San Francisco-based company offers a white-label technology platform to allow manufacturers to add payments and authentication capabilities to IoT devices. The two companies will combine their technology, engineering and business teams as a result of the deal in order to offer a comprehensive IoT platform.
NXT-ID CEO Gino Pereira commented: “Combining NXT-ID’s security and authentication technology with Fit Pay’s comprehensive platform-as-a-service (PaaS) capabilities will enable us to significantly expand our offerings to include both hardware and IoT enablement services.
“This provides an important avenue to create new and compelling use cases for our existing products as well as access new potential customers for whom secure authentication and credential management are critical.”
Fit Pay previously raised a $3.1m Seed round led by German payments and authentication firm Giesecke & Devrient in February 2016.
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