Proxama to acquire Aconite Technology

The unification of the two companies is set to create an enhanced end-to-end solution for card issuers to migrate from magnetic stripe credit cards to both EMV-compliant chip-based cards and contactless payment-enabled mobile devices. The final terms of the acquisition are still subject to the completion of appropriate legal and financial due diligence and the agreement of definitive terms.

Together, Proxama and Aconite’s technologies deliver an end-to-end solution that banks and card issuers need to migrate from standard magnetic stripe credit cards to both EMV chip-and-PIN cards and tokenization-based contactless mobile NFC payment systems like Apple Pay.

Aconite’s Affina Enterprise, Smart EMV Manager and Aconite PIN Manager products have been deployed by banks and card issuers like Fiserv in the US, Nets, ICS and First Data in Europe to issue, manage and migrate a number of EMV chip-and-PIN credit cards. Under the acquisition, Aconite’s products will be combined with Proxama’s CardGateway and TapPoint platforms, which have helped companies like MasterCard, Barclaycard, Softcard, Orange, Harrods, Starbucks, Domino’s Pizza, Guinness and others become mobile payment and proximity commerce capable.

Proxama is a mobile commerce company that specialises in NFC mobile contactless payments and NFC proximity marketing. Proxama’s products and platform, which support NFC handsets and mobile operating systems, allow consumers to receive offers, connect with brands and make payments through their NFC phones.

Aconite delivers software solutions for managing smart cards and mobiles to issuers and processors. The company operates in Europe, Middle East, Africa, Asia and the Americas.