E-commerce marketplace eBay and electrical equipment manufacturer AEG have exited US-based point-of-sale (POS) system and software provider Bypass Mobile in an acquisition of undisclosed size by payment technology producer Fiserv.
Founded in 2010, Bypass produces POS systems and back-office management tools designed for use in large organisations such as restaurant chains, corporate canteens and sports and entertainment venues. The deal is intended to improve Fiserv’s omni-commerce enterprise offering.
The company secured $1.75m from angel investors in 2011 to take its total funding to $2.5m before AEG and eBay co-led a round in 2013 that boosted its overall funding to $3.5m. Its investors also include holding vehicle Capital Sports and Entertainment.
Bypass CEO Brandon Lloyd said: “In an age of increasing customer expectations, it is critical that businesses have a robust and easy-to-use omni-commerce platform.
“In combination with Fiserv, we will help businesses accept payments efficiently while continuing to meet customer expectations by providing a variety of payment options.”
