Payment processing provider Payscout has acquired Paywire, a US-based cloud and mobile software solutions provider that enables integration with third party applications and systems.

The acquisition, part of Payscout’s expansion plan, will integrate Paywire technology, including its applications in the Epic App Orchard marketplace, with the Payscout suite.

The deal will expand Payscout’s customer base as well as allow the firm to provide new payment processing technologies including Paywire’s solutions for education and healthcare industries.

Paywire tools are said to be designed to increase transaction security and enable compliance with existing regulations.

Payscout CEO and co-founder Cleveland Brown said: “Paywire’s entrepreneurial spirit and cutting-edge payment technologies are a natural fit for Payscout’s innovative culture.

“Their products mesh perfectly with our suite of virtual reality commerce and mobile payment processing solutions.”

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Payscout financed the acquisition in partnership with banking major HSBC, which is expected to fund the company’s future acquisitions and partnerships.

Paywire president and founder Eric Schuler said: “We’re eager to join forces with Payscout, a visionary and powerful player in the payments space. I can’t think of a better home for our suite of solutions and look forward to watching this combined company become an even more formidable player in the payment processing space.”