The San Francisco payment technology vendor BServ Inc. has acquired Magex Managed Payments Platform, the person-to-person payment technology unit of Magex Holdings Ltd. of London.
BServ, which does business as BankServ, announced the purchase Tuesday but did not give the price. Magex Managed Payments offers a system for people to exchange funds online or through their mobile phones.
Zopa Ltd., a U.K. online lending service provider, uses the Magex technology for online person-to-person payments. The Saudi Arabian electronic payment company Zafa Ltd. also uses the technology to support its payment service in that country.
BServ plans to adapt the technology to use with mobile phones in the United States.
"By melding a promising new technology with our significant expertise in the financial industry, we'll make sure consumers can look forward to some helpful ways to move money electronically," David Kvederis, BServ's president and chief executive, said in a press release.
