PowaTag, led by British entrepreneur Dan Wagner, moves for rival platform
M-commerce firm Powa Technologies has purchased rival MPayMe in a $75 million (£44.5 million) deal.
MPayMe operates under the Znap brand which will now be integrated into the PowaTag application which launched earlier this year.
The all stocks deal sees MPayMe shareholders taking three per cent of Powa Technologies which is headed up by serial tech entrepreneur and majority shareholder Dan Wagner It values the company at £1.6 billion and there are expectations a stock market float could be imminent, although Wagner told Mobile News earlier this year, he was in no rush.
“With this combination of two innovative technology companies we will establish a position as the leading force in digital commerce worldwide,” Wagner said in a statement.
“The integration of ZNAP™ technology with PowaTag will bring a phenomenal new scope to our provision, as well bringing enhanced functionality to its existing applications. By incorporating digital catalogues, coupons/vouchers, loyalty integration, and access control, and much wider product set, we are enabling true commercial freedom for both merchants and consumers.”
The PowaTag app allows users to purchase items from billboards, magazine pages and TV/radio advertisements in just a few clicks. It has deals in place with many major brands including Universal Music, BBC Worldwide and Argos.
Znap allows companies such as utilities firms to allow customers to pay bills online – its has a deal in place with Pitney Bowes, which Powa will now take over, allowing 23 million customers to pay utility bills instantly.