Seamless Distribution AB (Seamless) has acquired the Norwegian contactless payments technology company MeaWallet AS (MeaWallet). The purchase price amounts to approximately SEK 42.8 (£3.78) million and payment is made through an issue in kind of 4,574,328 new shares in Seamless.
Through the acquisition Seamless controls important technology in the rapidly growing field of contactless payments. At the same time the company has carried out a direct issue of new shares in a private placement of approximately SEK 50 million to private and institutional investors.
“Our mobile solution SEQR already uses MeaWallet´s technology to facilitate contactless payments so we are well acquainted with the company. Their solutions, including Host Card Emulation (HCE), are technologically leading and it is a strategically crucial technology for mobile payments that we now control”, says Peter Fredell, CEO of Seamless.
“The acquisition also enables us to open a new business area where we will sell MeaWallet´s technology to institutions who want to establish themselves in the mobile payments market. Here we expect to see rapid expansion as the solutions provided by MeaWallet are crucial for mobile payments.”