Thursday, April 12, 2012
Intuit Inc. and Morgan Stanley Global Private Equity are in the spotlight, each having made significant acquisitions in the payments sphere
Business software firm Intuit purchased AisleBuyer LLC, the manufacturer of a mobile shopping application. AisleBuyer technology allows shoppers to scan bar codes from smart devices to redeem coupons, see product reviews, check and compare prices, and purchase items without waiting in a checkout line.
Andrew Paradise, AisleBuyer Chief Executive Officer and founder, confirmed the sale of his company in a blog he wrote on the AisleBuyer website April 10, 2012. Paradise did not disclose the sale price, but many media reports have claimed Intuit paid between $80 million and $100 million for AisleBuyer.
AisleBuyer launched in 2009 offering a consumer-controlled checkout solution. The motto of Boston's AisleBuyer is "never wait in line again." "By leveraging our technology and talent, together with Intuit's rock star payments team, we will continue to work on creating the best small business POS solutions in the world," Paradise wrote in his blog.
Morgan Stanley Global Private Equity, a subsidiary of Morgan Stanley Co. LLC, purchased Canadian ATM portfolio management services provider Access Cash General Partnership.
Access Cash is the second largest manager of ATMs in Canada, with more than 6,000 ATMs in its network. The company offers private label, nonbank-branded machines as well as bank-branded machines in locations throughout the country. The company said it will continue to build its ATM portfolio through strategic acquisitions.
Terms of the deal were not disclosed.
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
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