Strategic Buyers: BlueKite Acquires Billing Co. RedCycle
RedCycle develops bill-payment technology integrated with utilities and telecommunications companies in Latin America
BlueKite has acquired RedCycle Networks, a developer of bill-payment technology that is integrated with utilities and telecommunications companies in Mexico, Guatemala, El Salvador and South America.
RedCycle is working to expand its services to Africa, South America and Southeast Asia.
BlueKite allows users to for pay electricity, gas, water, Internet, cable and phone through its service.
Camilo Saravia, founder of RedCycle Networks, will continue to lead the business and join BlueKite as a vice president. Kyle Passarelli, who has served as CTO for RedCycle, will join the company as vice president of Engineering.
Miami-based BlueKite is backed by investment firm PeopleFund. On Jan. 9, PeopleFund put $1.5 million into the company as part of a seed round meant to assist in developing a global cross-border bill payment service. Terms of the deal weren’t disclosed.
The acquisition comes during a wave of e-payment activity, including deals by ACI Worldwide (Nasdaq: ACIW), VeriFone Systems Inc. (NYSE: PAY) and Evo Payments International.
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