Irish payment terminal supplier Alphyra (formerly ITG) has acquired the Irish mobile payments software firm Itsmobile for an undisclosed sum.
Alphyra is to use the acquisition to form a new mobile payment technologies division, to be known as Alphyra mPayments.
Founded in 2000 by entrepreneurs Donal McGuinness and Kieran McCrea, who will now join Alphyra, Itsmobile has developed enabling technologies that allow mobile phone users to pay electronically and securely for a range of services. The company pioneered Dublin’s highly innovative M-park wireless parking payments system and operates similar systems for city authorities in Edinburgh and Sydney.
In Ireland, Itsmobile clients include O2 and Vodafone. The company also provides payment technologies to cinema groups in Ireland including Ster Century and the Ormonde cinema.
Alphyra CEO John Nagle commented: “The acquisition of such a highly innovative firm provides a very logical fit for Alphyra. Itsmobile has technology which is proven in the field among high quality clients. In turn, Alphyra has the scale and international reach which is required to bring these technologies more rapidly to an even wider market. We now have a further competitive advantage to exploit in the years ahead.”
Donal McGuinness, co-founder of Itsmobile, said: “This acquisition propels Itsmobile into a new and exciting period of growth. Our technology has been gaining widespread customer acceptance and now, with the international presence of the Alphyra Group network, we have the reach to penetrate new markets and win new customers.”
All of Itsmobile’s employees are being transferred to the new mPayments division within Alphyra. To date, the company has been privately owned and has had the venture capital backing of Emporiki Venture Capital of Athens.
By Brian Skelly