M2 Global to acquire FirstPay

On 25 September 2008, M2 Global Ltd., a leading provider of software for electronic payment systems, announced the acquisition of FirstPay Ltd. The former added that FirstPay Ltd. would be incorporated into M2 Financial, a newly formed subsidiary of M2 Global Ltd. The acquisition would help M2 Global Ltd. to synergise FirstPay's expertise in prepaid debit card issuing with its established Globe Wallet brand.

CEO, Mike Muscato, said "Globe Wallet has customers all over the world and is an innovative and dynamic prepaid debit card solution. FirstPay is a truly global company and an excellent payment processor, making it the perfect fit with M2's strategy. By providing both hosted and outsourced access to our payment platform, authENGIN, through our new operating company M2 Financial, we aim to make it accessible to small and medium sized processing companies, as well as larger organi sations that have the in-house technical expertise to operate their own payment processing back ends. Now, technically focused customers will license authENGIN, while customers who prefer to focus on card program marketing can either buy a hosted, white-labeled authENGIN installation or outsource program operations entirely to M2 Financial."

Source: www.remittancedirectory.com