Infibeam Acquires Cardpay Technologies for $59k
India's first listed eCommerce platform Infibeam registered as Infibeam Avenues Ltd has acquired Bengaluru-based Cardpay Technologies Ltd.
Cardpay offers a unified spend management platform to corporates under ''GRIT'' brand name with physical and virtual credit cards, invoice processing and early payment discounting.
The deal has taken place at an initial cash consideration of $59,613 (Rs 45 lakh).
“There would be a reward incentive mechanism to the management of the target company (Cardpay) up to rupees equivalent to USD 1 million, based on performance parameters of the target company, as mutually agreed," Infibeam said in a statement.
"The acquisition of Cardpay strengthens Infibeam's Payments credit services business with a comprehensive credit issuance portfolio including...