FitPay acquired by Garmin
Deal Synopsis
The company, a subsidiary of Nxt-ID (NASDAQ: NXTD) was acquired by Garmin (NAS: GRMN) for an undisclosed amount on September 9, 2019. The acquisition expands Garmin Pay contactless payment feature.
Seller Details
Developer of a technology payment platform designed to allow device manufacturers to add contactless payment capabilities to wearable devices. The company's platform offers flexible integration options with developer-friendly tools and documentation, including Trusted Service Management services, full-featured API, mobile SDK (iOS & Android) and a secure payment network tokenization scheme, enabling businesses to create customer loyalty, tap into recurring revenue streams, open new markets and differentiate their products in a competitive marketplace.
Buyer Details
Garmin produces GPS-enabled hardware and software for five verticals: fitness, outdoors, auto, aviation, and marine. The company relies on licensing mapping data to enable its hardware specialized for often niche activities like scuba diving or sailing. Garmin operates in 100 countries and sells its products via distributors as well as relationships with original equipment manufacturers.