Init Innovations in Transportation Inc. has acquired a 27.5 per cent stake in Bytemark Inc. Bytemark Inc., located in New York, with additional offices in the UK, Canada, India and Australia, has developed a patent-protected technology that powers a secure mobile ticketing platform for transit. The platform offers a seamlessly integrated mobile commerce experience.
The Bytemark Platform is a suite of smartphone apps, point-of-sale plugins, and open APIs providing transit agencies the ability to meet the needs of today’s passengers. Init’s investment will help expand their technology offerings, thereby allowing them to continue to deliver leading edge solutions to the transit industry and passengers.
“Based on the increasing demand for mobile payment technologies, we see this investment as a strategic partnership that will allow us to continue to deliver resilient ticketing solutions to transit companies both now and well into the future,” said Roland Staib, Init president & CEO.
Bytemark and Init have already worked together on a wide range of major projects in North America. Currently, Bytemark is participating in opportunities for major projects in Europe, North America, the Middle East and East Asia. The acquisition allows the companies to continue their ongoing collaboration and expand their offerings in the growing mobile market.
“Having already collaborated on several projects, we are excited by the opportunity that a more formal relationship offers. Bringing the products and talent of our respective organizations together will accelerate the development of innovative solutions for transit agencies and their passengers," said Micah Bergdale, Bytemark CEO.
