Visa set to acquire PlaySpan
Visa has completed sales negotiations for the purchase of Playspan and is to acquire the company for just under £120 million, it has revealed.
Global payments technology company Visa has announced that following sales negotiations, it will buy Playspan - a firm that handles payments for digital goods in games.
Visa has said it intends to bolster its eCommerce activities and the acquisition of Playspan forms part of the company's plans for growth within the sector.
The price for Visa to acquire the California-based firm is approximately $190 million (£119 million) and the deal is expected to be finalised in Visa's fiscal second quarter of this year.
Playspan's payments platform is used by gamers and social network site users to purchase premium memberships, digital goods and game credits in a safe and convenient way, allowing merchants to monetise their content.
Visa meanwhile connects cardholders and merchants via fast, secure and easy services.
The firm has said the buyout complements its acquisition of CyberSource in 2010 and "extends the company's capabilities into one of the fastest-growing segments of eCommerce - digital and mobile commerce".