Pay By Touch, a manufacturer of biometric identification systems, has reached an agreement to buy the assets of CardSystems Solutions after CyberSource Corporation announced that it had withdrawn from negotiations to acquire the embattled credit card processing company.
Pay By Touch, whose biometric technology allows users to pay for items by scanning their finger, will now have access to CardSystems’s 120,000 merchants and will undoubtedly look to roll out its technology to this new client base.
John Rogers, chairman of Pay By Touch was excited by the move, There are tremendous synergies between CardSystems and Pay By Touch. We are eager to optimize the existing sales and marketing channels that have produced exceptional growth for CardSystems over the past several years.
The announcement comes the day after CyberSource Corp withdrew from negotiations to purchase the company, citing an inability to reach a deal in a ‘timely manner’.