GlobeSet Inc., a specialist in SET software, announced a marketing-distribution agreement with ParaRede, a Portuguese electronic commerce company.

GlobeSet's software, complying with the MasterCard-Visa Secure Electronic Transaction protocol, will be branded and sold by ParaRede as SafePay.

The product will include all four GlobeSet applications: a digital wallet, merchant server system, payment gateway, and digital certificate system.

GlobeSet chairman and chief executive officer Michael Cation called the OEM-original equipment manufacturer-contract "a major step forward in GlobeSet's European strategy."

"We feel this partnership represents a significant milestone in our growth," said Joao Pereira, president of ParaRede, which was formed in 1991 and controls 70% of the Portuguese electronic data interchange market.

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