NXT-ID, Fit Pay, Inc. enter letter of intent to combine businesses
The press release specifies that NXT-ID will not be raising additional capital to complete this transaction.
“This potential transaction with Fit Pay would not only add a critical component to our payment and authentication products, but also a platform which will enable a whole new suite of offerings including payments, credential management, and secure authentication services,” said Gino Pereira, CEO of NXT-ID, Inc. “Fit Pay’s leadership team has over 50 years of experience in the payment space. The completion of this transaction would provide an important addition to our business model, increasing our opportunities with existing products and allowing us to rapidly expand in digital payments and the Internet of Things (IoT), both of which are part of our strategic plan.”
As a white-label technology platform, Fit Pay provides payment, credential management, authentication, capabilities and other secure services to wearable and IoT devices.
Fit Pay has integrated with several key credit card networks and chip manufacturers to provide an all-in-one solution and a range of integration options with developer-friendly tools and documentation.
These tools include trusted service management services, full-featured API, mobile SDK (iOS and Android) and a highly secure payment network tokenization scheme.
“Blending our payment and authentication capabilities with NXT-ID’s industry-leading technology products will significantly accelerate our ability to capture market share,” said Michael Orlando, CEO of Fit Pay, Inc. “As consumers interact with more and more devices, providing core secure services with the confidence of knowing the user has been authenticated is critical. NTX-ID and Fit Pay create a powerful combination that will do just that – offering transformational products and services to the marketplace.”
According to the release, the transaction remains subject to completion of due diligence reviews, customary definitive documentation and Nasdaq review.
The transaction is expected to be completed early in the second quarter of the year.