Trintech is agreeing to pay $21 million in cash and receive $10 million in stock plus assume liabilities, subject to final adjustment on the bottom-line total of assumed debt. In exchange, Trintech will gain intellectual property rights to all Globeset software products, which are mortared in the secure e-payment infrastructure market for buyers, sellers and financial entities. Globeset's 300 customers include Southwestern Bell, Verizon Wireless, Household International and Pacific Bell plus alliance with Microsoft and Oki Electric Industry Co. Ltd.

The deal is expected to close in 30 days, but carries a closing condition hinging on software integration and the usual financial stipulations contained in acquisition contracts. Under the contract terms, Globeset's software and technologies must be able to be integrated into Trintech's suite before the acquisition goes forward.

Trintech, founded in 1987, is a provider of secure electronic payment infrastructure solutions for real world, Internet and wireless transactions. Trintech's secure product range is deployed in more than 35 countries and covers payment requirements of consumers, card issuing banks, merchant acquiring institutions, merchants, e-merchants, telcos, wireless operators, ISPs/CSPs, portals and large corporations.