US-based Intrepid Global has acquired privately-owned Filipino company First Versatile Smartcard, known as Versacard, to diversify its business.
Intrepid has filed a certificate of amendment with the Secretary of State of Delaware to change its name to ‘Versa Card’ earlier this week.
William Dunavant, interim chief executive at Intrepid said: For some time, the company had been searching for the right business to acquire and vend into the company. The relationships Versacard and the MacKay Group have forged in the Philippines and other parts of Asia are tremendous. With its business model, technology and potential upside Versacard was precisely the type of business opportunity we were looking for IGLB and its shareholders.
According to Intrepid, Versacard provides electronic payment system and a central clearing house using a pre-paid contact-less cash card. The card can be used to pay for purchases and tickets for the public transit system, including rail transit authority, buses, subways, ferries and taxis.
The company also said that the use of Versacard for government identification cards, student identification cards and employee identification cards for banking and credit card is also under discussion. It is also working with the government to offer smartcards for the Macau casino industry, with possible expansion into the US casino industry.
Source: ComputerWire daily updates