SHANGHAI, China-E-commerce company SmartPay Jieyin Ltd. announced Wednesday that it will acquire Intrinsic Technology Ltd., a mobile software developer that provides billing and service management solutions to Chinese wireless carriers.
Terms of the deal were not disclosed.
SmartPay, which plans to launch direct-to-consumer and peer-to-peer payment services later this year, said it will use the acquisition to enhance its 2.5-generation service offerings.
“The move significantly strengthens SmartPay’s leadership position in the growing market for electronic payments in China,” said Eric Rosenblum, SmartPay’s chairman. “Intrinsic’s platform business helps strengthen our position with mobile operator merchants and gives us strong billing, systems integration and service management capabilities.”
The acquisition is subject to customary closing conditions.
