Ingenico announces 100% acquisition of Phos
By Leandra Monteiro
Ingenico, a payments acceptance solutions provider, announced its acquisition of 100% of Phos, a provider of software-only Point of Sale solutions (SoftPoS).
Phos is a player in the fast-evolving SoftPoS space, providing highly flexible solutions to a large number of acquirers and PSPs. SoftPoS enables off-the-shelf smartphones or tablets to become payment terminals while complying with the highest standards of payment security.
The deal continues Ingenico’s strategic expansion into new ways of serving its clients and reinforces Ingenico’s role as the ecosystem enabler of choice for the payments industry. The solution complements Ingenico’s PPaaS (Payments Platform as a Service). PPaaS enables clients, such as acquirers, payment service providers and independent software vendors, to design and seamlessly deliver payments and value-added services at the point of sale on Ingenico and non-Ingenico devices. In line with this ‘device agnostic’ strategy, Phos is a natural complement to Ingenico’s PPaaS business.
Brad Hyett, CEO of Phos, commented on the deal, “We are delighted to join Ingenico and this transaction marks a significant step in the development of Phos. Since the company was founded, we have been a pioneer in our field, and we see a natural fit with Ingenico given their strong focus on delivering best-in-class innovative payment solutions as-a-service. We see strong customer demand and significant double-digit growth in the SoftPoS addressable market worldwide and are convinced that Ingenico will help us capture more of that market and explore new use cases with clients globally. We look forward to accelerating the business together with the Ingenico teams over the coming months.”
Giulio Montemagno, General Manager of PPaaS for Ingenico added, “Our clients and partners around the world have clearly identified SoftPoS as one of the biggest opportunities they see right now. They consider SoftPoS a strategic option to engage with new customer segments and develop and test innovative use cases at scale, with minimum incremental investments in technology and distribution. They are looking to Ingenico, as their trusted partner in payments acceptance, to help them do that. We are very excited to bring this high-quality opportunity to our valued customers by partnering with the talented teams at Phos.”
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