The payment processor Planet Payment said May 23 that it purchased Branded Payment Solutions, an Irish payments company.
The acquisition will allow Planet Payment to provide applications at the point of sale, which it did not do previously. Planet Payment says it paid about $4 million in cash and stock to BPS shareholders.
The purchase allows Planet Payment to "create new and innovative global solutions," said Philip Beck, Chairman and CEO of Planet Payment, in a press release. "Notable amongst these would be support for EMV 'chip and PIN' technologies within an integrated point of sale, as well as support for the emerging mobile footprint."
BPS provides technology for mobile top-up, bill payment, vouchers and open and closed loop card programs. It also has technology for mobile near-field communication payments.
Planet Payment said it is also establishing Planet Labs Ltd., a development facility in Dublin, where BPS is based.
