Singapore-based mobile point of sale provider SoftPay Mobile International has entered into a definitive agreement to buy a majority stake in MPOS Technology JSC, a similar company based out of Vietnam.
Both companies did not disclose the investment amount and number of shares transferred from MPOS Technology to SoftPay Mobile International.
“We have studied this company for several months,” said Christopher Low, CEO of SoftPay Mobile, adding that MPOS Technology is “a great fit with SoftPay Mobile.”
He continued, “(MPOS Technology) comprises of an excellent team with numerous customers using mPOS. With this investment, SoftPay Mobile will be able to work closely with our new Vietnam MPOS company to further consolidate our market position as the leading MPOS company in Southeast Asia.”
According to a report, MPOS Technology clients include Mai Linh Taxi Group, Lazada Vietnam, and insurance firms.
As for SoftPay Mobile, while it is based out of Singapore, it has already secured clients locally and in Vietnam, Malaysia and Indonesia like Cafe MY, PTI Insurance, and Oromia Cafe. In October 2015, the company announced raising $1 million in a Series A round led by Life.SREDA, a fintech-focused venture capital firm.