SAN MATEO, CA.-- BUSINESS WIRE -- November 19, 2000 -- Trintech, a provider of secure electronic payment infrastructure solutions, announced the acquisition of the primary assets of Globeset including intellectual property rights to all their software products.
By acquiring these assets, Trintech expands its purchased offerings and customer base in the fast emerging global e-payment infrastructure market.
Based in Austin and Dallas, Texas, Globeset is a supplier of secure ePayment infrastructure services and products for buyers, sellers, and financial-service providers. Globeset products include an enterprise wallet platform, a secure payment processing platform, and a back office business-to-business platform. Globeset has approximately 300 customers including Household International, Pacific Bell, Southwestern Bell, and Verizon Wireless. It has also forged alliances with Microsoft and Oki Electric Industry, Co., Ltd.
Trintech will acquire Globeset's primary assets for approximately US$31 million made up of US$10 million in stock and the remainder in cash and the assumption of liabilities, subject to final adjustment to the amount of assumed indebtedness. The acquisition will be accounted for on a purchase accounting treatment basis. Trintech expects that the transaction will be accretive to Trintech's top-line revenues but neutral to Trintech's earnings.
The deal is subject to limited closing conditions, including regulatory approvals and is expected to close within 30 days.
Commenting on the acquisition, John McGuire, CEO of Trintech said, "Our acquisition of Globeset is another step in Trintech's aggressive growth strategy of gaining access to new customers, new markets, and complementary products and technologies. The acquisition further increases Trintech's depth in the worldwide ePayment marketplace. This acquisition should be very synergistic because it should result in improved market position on a global basis, an expanded customer base for Trintech's suite of secure payment applications and a broader product offering to Globeset's customers."