Menu

IoT FEATURE NEWS

Merger: NXT-ID and Fit Pay Complete Business Combination

By

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

Editorial Director

SHARE THIS ARTICLE
Related Articles

Telit Evolves Smart Module Series

By: Greg Tavarez    11/30/2022

Telit's SE250B4 smart module series provides native support for integrated peripherals like high-resolution touch displays, advanced cameras and popul…

Read More

HiveMQ Bends MQTT Data Transport Flexibility

By: Greg Tavarez    11/30/2022

The HiveMQ Enterprise Extension for Amazon Kinesis allows customers to integrate IoT implementations with their cloud strategies.

Read More

Sony Semiconductor's New Chipset Revolutionizes IoT Deployments

By: Greg Tavarez    11/28/2022

Sony Semiconductor Israel's ALT1350 chipset is designed to support the market needs of utilities, vehicles, tracking devices, smart cities, connected …

Read More

Sumitomo Invests in IoT Company ClearBlade

By: Tracey E. Schelmetic    11/23/2022

ClearBlade's IoT, Edge and AI software is used in use at some of the largest companies in North America and the company is looking to expand around th…

Read More

Basis Technologies and Tech Mahindra Expand Smart Utilities

By: Stefania Viscusi    11/21/2022

Basis Technologies and Tech Mahindra will combine their offerings to help accelerate delivery of smart utility solutions in the U.S. and Europe.

Read More