Fit Pay acquired by Nxt-ID
Deal Synopsis
Fit Pay, Inc. was acquired by Nxt-ID (Nasdaq: NXTD) for an undisclosed amount on May 23, 2017. The acquisition was intended to expand Nxt-ID's offerings to include both hardware and IoT enabled services.
Seller Details
Fit Pay, Inc. develops a technology payment platform designed to allow device manufacturers to add contactless payment capabilities to wearable devices. The company's platform offers flexible integration options with developer-friendly tools and documentation, including Trusted Service Management services, full-featured API, mobile SDK (iOS & Android), and a secure payment network tokenization scheme, enabling businesses to create customer loyalty, tap into recurring revenue streams, open new markets, and differentiate their products in a competitive marketplace.
Buyer Details
Nxt-ID Inc is a technology company engaged in the development of proprietary products and solutions that serve multiple end markets, including the security, healthcare, financial technology, and IoT. The company is a security technology company and operates its business in one segment, hardware and software security systems and applications. Some of the services provided by the company include access control, biometric and behavior-metric identity verification, security and privacy, encryption and data protection, payments, miniaturization, and sensor technologies. It also develops and markets solutions for payment, IoT, and healthcare applications.