UL, a US-based safety science company has acquired Dublin, Ireland-based and privately-held Acquirer Systems, which specialises in testing software and tools for validation of complex payment environments.
Basically, Acquirer helps issuers, acquirers, merchants and switch operators to get their products to the market faster, at lower cost. Customers include Bank of America, Discover, American Express and Standard Bank of South Africa. The company says it has more than 100 installations across the US, Europe, the Middle East, Africa and Asia.
The terms of the acquisition were not disclosed, but UL says it bought Acquirer Systems to broaden its existing set of testing tools and simulators for the payment industry. It also makes UL stronger when it comes to EMV migration services in the North American market while gaining cloud-based testing product capabilities.
Founded in 1997, Acquirer Systems boasts 23 employees, all of which will join UL, including CEO Fergal Molloy and co-founders Aidan Corcoran and Robin Hilliard.