The details of the transaction were not disclosed.
With this deal, OMA is looking to broaden its overall portfolio in the Middle East, Eastern Europe and APAC regions. As per agreement, MobiSwipe Co-founders Suresh Santhanaramakrishnan and Harmeet Singh Arora will be joint CEOs at OMA.
“The mobile payment market is witnessing a surge. This acquisition will ensure that MobiSwipe makes the right international progress,” said CEO Santhanaramakrishnan.
Established in 2012, MobiSwipe is a mobile payment service company that offers mPoS solutions for merchants to accept credit/debit card payments using Android mobile phones and tablets.
In 2012, it had raised an undisclosed amount in funding from One97 Mobility Fund, an early-stage fund owned by Paytm Parent One97 Communications.
Niranj Sangal, Group CEO, OMA Emirates Group, said, “There is increasing acceptance and growth of mPOS solutions over the last few years with many of our customers having shown interest in the solution. Having acquired MobiSwipe, we are now able to extend the mPOS offerings and we are confident of a larger portfolio.”
OMA Emirates provides cutting-edge technology solutions in the area of card personalisation, payment issuance and payment acquiring systems. Its products include Pinpad, Countertops, and card printers.