Italian payments company SIA has acquired 69% stake in start-up UBIQ as part of its strategy to foray into the digital payments sector.
UBIQ, which was established in 2012 from a spin-off of Parma University, specializes in the design and development of technology solutions in the field of promotions, where it operates with the brand T-Frutta.
Go deeper with GlobalData
T-Frutta is an app which enables users obtain cash-back when they do their grocery shopping every time they choose the products proposed online.
Specifically, this deal will help SIA to foray into the couponing market due to the expertise of UBIQ which in 2015, after seven months in business, had reached a turnover of around EUR800,000.
T-Frutta utilizes a proprietary, patented software based on a single data recognition technology contained in "speaking" sales receipts (detailing the products bought).
The service – already available in Milan, Modena, Rome, and from the beginning of 2016 also in the Monza-Brianza area – will gradually be extended to the whole country by summer, SIA said.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
