Smart card specialist KeyCorp has acquired Internet payment gateway solution provider Camtech for $10 million and will build a product and service family with the e-payment software maker.
Preferring to call the deal a merger rather than an acquisition, Camtech chief exectuive Bruce Linn, said the companies would "make it easier" for financial institutions and e-tailer merchants to get into e-commerce, and "change ways of doing business.
"Our combined technologies will provide the business models to address broad issues of Eftpos, point of sale (POS) and call centre payment integration and management on the Internet," he said. Linn added the deal would boost Camtech's role as a gateway software intermediary for current channel partners like Harris Technology, travel.com.au, greengrocer.com.au, afl.com.au's online merchandising arm the Footy Store, and for business clients including the Western Australian government and major retail banks like ANZ, Westpac and St George.
The merger will also aid Camtech's local R&D efforts, according to Linn, under which Camtech plans to expand its R&D reach by building an Internet payment product line with Keycorp, the details of which were not disclosed by either company.