Cogito Capital Ltd. has taken an equity position in ELS to in part facilitate the acquisition of the suretap™ wallet platform from EnStream by Empty Lot Software (“ELS”).
Cogito Capital Ltd., whose collective expertise and portfolio spans across technologies in the Retail, Communications and Advanced Manufacturing industries, has announced the financing of the ELS acquisition.
Telecom software developers ELS, were involved in the development of suretap™ and through the recent Cogito Capital investment will ensure that the suretap™ platform can be further developed and continue to grow as the system behind next generation customer loyalty programs.
“The acquisition of suretap™ comes at a fortuitous time as the awareness and need for adaptable and custom mobile payment systems is growing quickly. The possibilities for custom solutions are immense. Suretap™ is a very welcomed addition to our portfolio.” elaborates Derek Li, general partner of Cogito Capital Ltd.
The suretap™ wallet platform is a SIM-based near field communication mobile wallet solution. It was originally developed by Canada’s three largest mobile network service providers, Bell, Rogers, and TELUS, in conjunction with EnStream, and established to build and support the developing market for mobile-based digital services and payments.
Empty Lot has been working with financial institutions and credit unions such as Alltrans to develop and maintain improved transaction settlement and reconciliation processes.
“The suretap™ platform will enable us to extend our current product offering to our clients with a focus on the development and management of universal mobile and web customer loyalty programs. Suretap™ can integrate customer loyalty programs with any credit card or existing dedicated credit card program, and can be fully customized to the vendor’s specification.
We continue to remain a B2B company, focused on providing innovative solutions to facilitate business’ daily operations and services to their customers. We are very encouraged that Cogito Capital also shares our vision and enthusiasm for the suretap™ platform.” says ELS co-founder and CEO Timothy O’Hara.