ST JOHN'S, ANTIGUA -- 09/25/08 --
M2 Global Ltd. ("M2G") (BERMUDA: M2G), a
leading provider of software for electronic payment systems, today
announced that it has completed heads of agreement for the acquisition of
FirstPay Ltd. ("FirstPay"). FirstPay will be incorporated into M2G's new
subsidiary, M2 Financial, making it a major payment processing services
provider.
M2 Financial will leverage FirstPay's expertise in prepaid debit card
issuing with its established Globe Wallet brand and merchant acquiring
capability to achieve a clear goal: To provide customers with the
opportunity to license the industry's leading processing software and
partner with an unrivalled hosted and outsourced platform.
Mike Muscato, CEO of M2 Global, 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 organizations 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."
Joel Harris, formerly CEO of FirstPay, now President of M2 Financial, said,
"authENGIN has powerful and very flexible technology and is fast
establishing itself as an industry leading payment platform. As the first
licensee of M2 Global's authENGIN payment processing and card management
platform, FirstPay is already very familiar with the M2 technology and we
are looking forward to working even more closely with M2 on making
authENGIN, already a best-in-industry technology, even more innovative and
truly ahead of the technological curve."
The FirstPay team will focus on turn-key prepaid debit card and payment
process outsourcing. FirstPay employees will continue to work from their
current offices. Financial terms of the acquisition have not been
disclosed.
About M2 Global Ltd.
M2 Global Ltd. develops, acquires, operates, holds and licenses
income-producing intellectual property assets. The company focuses on
software, patents, trademarks and other proprietary rights underlying
information technology directed at the financial services industry. Our
technology portfolio principally consists of transaction processing
software enabling credit and debit card transactions, other online funds
authorization and settlement systems and patented fraud prevention systems.
Our principal software products are ENGIN and authENGIN. We also provide
hosted and outsourced information management and payment services to the
financial industries through our M2 Financial subsidiary.
Contact Information
Darren Rennick
M2 Global Ltd.
1-877-447-9734
