Merger: NXT-ID and Fit Pay Complete Business Combination

By Ken Briodagh May 24, 2017

NXT-ID, a security technology company, and Fit Pay, a privately held provider of payment, credential management, and authentication platform services, have issued the announcement of the completion of a transaction to combine their businesses and create a comprehensive Internet of Things (IoT) platform.

“Combining NXT-ID's security and authentication technology with Fit Pay's comprehensive platform-as-a-service (PaaS) capabilities will enable us to significantly expand our offerings to include both hardware and IoT enablement services,” said Gino Pereira, CEO, NXT-ID. “This provides an important avenue to create new and compelling use cases for our existing products as well as access new potential customers for whom secure authentication and credential management are critical.”

Under the terms of the agreement, Fit Pay will become a wholly owned subsidiary of NXT-ID, and Michael Orlando, CEO, FitPay, will become COO of NXT-ID and remain president of Fit Pay. The companies will combine technology, engineering and business teams to deliver complete enablement services to device manufacturers and to bring innovative IoT devices to market.

“Bringing powerful new capabilities to the Internet of Things requires seamlessly connecting devices to robust services, reliably authenticating users, and keeping data safe,” said Orlando. “Security and authentication are the essential to the growth of the IoT market, combining our platform with NTX-ID's identification technology and hardware expertise positions us to offer transformational products and services that capture IoT market share.”

Fit Pay's white-label technology platform delivers payment, credential management, authentication and other secure services to the IoT ecosystem. Fit Pay has developed a highly secure payment network tokenization scheme and integrated with the major credit card networks to provide an all-in-one solution that allows manufacturers to add payment and authentication capabilities to IoT devices.

Edited by Alicia Young