Visa Inc. on Wednesday said it is paying $190 million in cash to buy PlaySpan Inc., a private company that provides e-commerce services to developers of online games and smartphone applications.
The acquisition of the Santa Clara, Calif., company will augment the payment network's deal last year to buy the online payments gateway CyberSource Corp. for $2 billion, Visa said in a press release.
PlaySpan's technology allows game and app developers to sell content through "in-app purchases" in 180 countries.
Visa said it may pay additional amounts for performance milestones. The San Francisco company expects the transaction to close in its fiscal second quarter, which ends March 31, pending regulatory approvals.
