Smart ticketing firm expands contactless payments business
By Hull Daily Mail | Posted: 16 Jul 2018
HULL smart ticketing specialist Paragon ID has expanded as it takes a majority shareholding in Irish company AmaTech Group.
The deal means AmaTech will become a subsidiary of Paragon ID, following completion of the acquisition process.
AmaTech’s mission is to provide the banking industry and its key suppliers with best in class technologies and innovations to enable contactless transactions across multiple media and to fight fraud
The acquisition is a clear part of Paragon ID’s strategy to grow its strength and presence in the banking and payment card sector, where AmaTech has particular expertise.
Paragon ID chairman, John Rogers, said: “This is a very important acquisition for Paragon.
“We have clearly identified RFID, Internet of Things banking and payment activities for our future development, and
AmaTech brings important technology and expertise to Paragon to immediately accelerate this strategy.”
Dr David Finn, CEO and founder of AmaTech, said: “My team and I are very pleased to be joining such a powerful and dynamic organisation as Paragon.
“I see enormous opportunities for the future in this rapidly growing and developing field of RFID, and Paragon ID is exceptionally well placed to deliver into this market for the future.”