NXT-ID, a security technology company, has signed an agreement to acquire Fit Pay, a privately held provider of payment, credential management, and authentication platform services.

NXT-ID said it will not raise additional capital to complete this deal.

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Commenting on the deal, NXT-ID chief executive Gino Pereira said: "This potential transaction with Fit Pay would not only add a critical component to our payment and authentication products, but also a platform which will enable a whole new suite of offerings including payments, credential management, and secure authentication services.

"The completion of this transaction would provide an important addition to our business model, increasing our opportunities with existing products and allowing us to rapidly expand in digital payments and the Internet of Things (IoT), both of which are part of our strategic plan," Pereira added.

Fit Pay CEO Michael Orlando said: "As consumers interact with more and more devices, providing core secure services with the confidence of knowing the user has been authenticated is critical. NTX-ID and Fit Pay create a powerful combination that will do just that – offering transformational products and services to the marketplace."

Fit Pay is a white-label technology platform that offers payment, credential management, authentication, capabilities and other secure services to wearable and IoT devices.

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The transaction, which remains subject to completion of due diligence reviews and Nasdaq review, is expected to complete in the second quarter of 2017.