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Pay By Touch auctions off ATM Direct, BioPay Paycheck Secure
March 10, 2008
Digital Transactions:Bankrupt Solidus Networks Inc. has sold two of the three major subsidiaries, and next in line is Solidus' core biometrics-payment business, Pay By Touch. The auction is set for March 14. Last week, Phoenix Check Cashing Inc. said it had purchased Pay By Touch's check-cashing unit, BioPay Paycheck Secure. The purchase price was $4.2 million. Pay By Touch bought BioPay in early 2006 for $82 million. The sale to Phoenix resulted from an auction in U.S. Bankruptcy Court in Los Angeles, which is overseeing Solidus' reorganization. Also sold at a Feb. 22 auction under bankruptcy-court supervision was ATM Direct, provider of technology to bring PIN-based payments to the Web. The buyer was Atlanta-based Accullink LLC, which paid $600,000 and assumed responsibility for some contractual liabilities and unexpired leases. Pay By Touch bought ATM Direct a little more than three years ago for $30.5 million.
Banking Executive SummaryTrends / StatisticsDistributors / ISO / IADRetail / Off-PremisesRegulation / LegislationDebit / CreditOtherNorth AmericaBiometricsBank / Credit Union
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