Mergers & Acquisitions

Mergers & Acquisitions

July 26, 2011

Digagogo Acquires DogoPay Software in $250,000 Cash Deal

Digagogo Ventures Corp., which is developing a digital sales and distribution network to connect households together and enable individuals to buy or sell items within a local community, recently announced that it has acquired DogoPay software technology from Banyan Tech Ventures Inc. in a $250,000 cash deal.

Digagogo revealed on July 5, 2011, it closed on an Asset Purchase Agreement with Banyan through its wholly owned subsidiary, Impact Technologies Inc. This allowed Digagogo to acquire all of Banyan's assets and intellectual property pertaining to the DogoPay software.

DogoPay is a versatile e-commerce platform that allows users to instantly track and manage purchases and sales and if chosen, collect and redeem points. The DogoNet users will have access to e-commerce management through the use of an "e-wallet." The platform has been designed to offer consumers the convenience of speedy, reliable and secure transactions.

“The acquisition of the software will accelerate the full vision of DogoPay to be an alternate mobile payment between households and businesses. According to Gartner (News - Alert), Inc., worldwide mobile payment users will surpass 141.1 million in 2011 with mobile payment volume forecasted to be $86.1 billion. This software also enables pre-paid virtual card architecture giving every business its own mobile loyalty virtual card. This is very exciting to make DogoPay a unique payment option,” said Fernando Londe, Digagogo chief executive officer, in a press release.

Last month, Digagogo appointed Kenneth Williams as its new chief technology officer. Digagogo intended to strengthen its management team with the appointment of Williams as CTO. 

Madhubanti Rudra is a contributing editor for TMCnet. To read more of her articles, please visit her columnist page.

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