Soon after closing a round of convertible debenture financing, Longwood, Florida based ID Global Solutions Corporation has announced its purchase of Bogotá’s MultiPay S.A.S.via a stock swap. MultiPay is a payment gateway and IT services provider that offers transactional routing, payment gateways, electronic devices management, stored value card programs, mobile financial solutions and value added services to payment and services networks in Colombia and Peru.
ID Global is a biometrics and payment processing company with a proprietary technology designed to reduce consumer and merchant risks in credit card transactions. ID Global provides a multi-functional payment transaction solution with its Tranxa, a highly sophisticated biometric identity management system with its IDSearch, and a second and third factor authentication technology as well as its mobile wallet application SRIO, to consumers, financial institutions, and merchants. ID Global lists engineering and manufacturing facilities in Europe, South America, and the US.
Finance Colombia recently spoke with CEO Thomas Szoke (above photo) regarding the merger and the company’s expansion into South America.
Finance Colombia: How does Multipay fit into your growth strategy? Was it more of a geography based decision or a platform based decision?
Szoke: It fits into our strategy in two ways, one it provides an excellent presence with a good customer base in Latin America, specifically Colombia and Peru. Secondly it provides us an expandable multi-functional platform for the integration our unique security technologies resulting in our solution to help proactively eliminate fraudulent transactions in the banking and credit card payment industries.
We looked for this type of strategic investment in Colombia, because it provided us with a location that has excellent infrastructure, a highly skilled workforce, and a stable political environment giving us the opportunity to grow our business in the region from a central location.
Finance Colombia: What will this purchase allow you to accomplish: how will it allow you to grow and innovate?
Szoke: This purchase, when coupled with our other current technologies and solutions will allow us expand our transaction processing business to more customers in both Colombia and Peru as well as other countries in the region.
Finance Colombia: Did you have a current relationship or history with Multipay? Who will head operations for you in Colombia?
Szoke: Our company has been working on different project in Colombia over the past few years and through one of these projects had the opportunity to make contact with and learn about the capabilities of Multipay. A critical component to the success of any acquisition is the presence of a strong leadership team to ensure a seamless integration of the newly acquired company while not loosing focus on it’s existing business obligations and objectives. ID Global Solutions is currently in the process of putting this team in place.