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Electronic retail services firm SmartPay has bought FIVO, a Wi-Fi service and network operator.
FIVO is owned by National Communications Corporation (NATCOM) and operates wireless hotspots at hotels, motels and retail chains.
"This latest acquisition will enable SmartPay to fulfil rapidly increasing retailer and customer demand for access to Wi-Fi hot spots," the company said.
Payment would be in Smartpay shares at a weighted average price, SmartPay said. The price will be based on an earnings multiplier over the next two years.
SmartPay started out in 2004 as a provider of eftpos solutions and other electronic payments. It has since bought several companies in the merchant services area, including digital signage company Retail Radio.
Most recently it acquired specialist telecommunications provider Merchant IP Services Ltd, allowing it to provide eftpos via broadband and other bundled services to merchants.
- NZPA
