Thursday, March 22, 2007

First Data, PrivaSys Agree to Licensing Deal

First Data Corp., a provider of electronic-commerce and payments services, and PrivaSys Inc., a supplier of software and card technology, have agreed to a long-term licensing agreement, First Data reported Wednesday. Specific terms of the deal were not disclosed. However, First Data stated that the agreement will enable the company to bolster its capabilities in processing emerging payment methods. Through rights to PrivaSys’ portfolio of patents, First Data will be able to expand and develop its contactless product offerings and migrate to other emerging payment offerings such as mobile payments for debit, credit and stored-value accounts. Colorado-based First Data Corp. services 4.9 million merchant locations and some 1,900 card issuers and their customers.