Adaptive Payments Secures Investment from SHAZAM
Jan. 24, 2011
SHAZAM, Inc. announced Friday that it has made a strategic investment in the payment authentication company Adaptive Payments, Inc. SHAZAM, a Des Moines, Iowa-based electronic funds transfer (EFT) network, said it made the decision to invest in the Ft. Lauderdale, Fla. payment authentication company after the two partnered in September 2010 for Internet PIN debit processing and gateway services. “We made an investment in Adaptive Payments because we believe in the company and the technology they are implementing,” said Michael Hollinger, SHAZAM President and CEO. “We concur with Adaptive Payments’ vision for the future of e-commerce and m-commerce transactions and are confident in their ability to deliver these products to the marketplace.” Adaptive Payments offers payment solutions for Internet sales, money transfer, bill payment, and prepaid top up delivered via e-commerce, mobile commerce, mail/phone order, call center and brick and mortar channels. In addition to PIN debit processing and gateway services, the companies said they are developing a P2P solution for mobile money transfer. The size of SHAZAM’s stake in Adaptive payments was not disclosed.