Real Time Technologies acquires InComm Agent Solutions, adds critical payments technology and extends retail footprint
TAMPA, Fla., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Real Time Technologies, Inc (RT²), a leading enterprise software platform company delivering retail activation, point-of-sale (POS), business intelligence and inventory management solutions to the wireless industry, has completed the strategic acquisition of InComm Agent Solutions, Inc (IAS), a subsidiary of InComm Payments, an innovative global payments technology provider.
IAS, formerly Qpay, originally launched in 2002 specializing in customizable payment and technology solutions. It quickly became the payment processor of choice for retailers, master agents and wireless carriers before being acquired by InComm Payments in 2010 and rebranded as IAS in 2015. IAS joins RT² having improved the prepaid and payment landscape for three very important groups over many years – retailers and agents, wireless carriers, and consumers. IAS is set to be elevated as a core pillar in RT²’s value proposition, augmenting its existing flagship POS, business intelligence, and inventory management solutions to bring innovation, choice, and certainty to wireless carriers, retailers and agents, and consumers in more places.
Real Time Technologies (RT²)
RT² started in 2001 as a proprietary POS solution for a national wireless retailer who sold all four U.S. National Carriers (AT&T, Sprint, T-Mobile, and Verizon). This national multi-carrier retailer faced unique challenges managing all of the different business rules and commissions reconciliation for each carrier. RT² was able to customize a solution that would later set the stage for its flagship POS product. Fast forward to the end of 2021 and RT² was ranked No. 1,981 by Inc. magazine on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies.
With the addition of IAS, RT² solutions will be provided in over 13,000 wireless retailer locations nationwide where $10 billion of commerce is done each year, making RT² the largest wireless retail management provider in the U.S. The purchase of IAS immediately expands RT²’s geographic serviceable areas with their technology solutions beyond the U.S. into Canada an Puerto Rico. This transaction catapults RT² into the leading position to deliver a fully integrated, real-time, software-defined solution for the thousands of wireless retailers and agents looking for an edge on operational efficiency and customer experience.
“We are both excited and grateful to have the opportunity to bring these two critical technologies together under the one roof. We now have end-to-end visibility of the customer transaction, closing an important gap in the market,” said Omar Azrag, CEO of RT². “This deal allows RT² to be a one-stop enterprise commerce solution for carriers, retailers and distributors alike, helping them productively ignite new business. One of our core commitments to customers is to enable them, through best-in-class real-time software solutions, to spend more time in their business than on their business. Adding this critical FinTech platform via IAS takes that commitment to a new level that we are excited to deliver.”
Azrag went on to say, “We would also like to welcome the team from IAS, who are joining us on the next part of their professional journey. RT² prides itself on having the strongest team in the business, and the IAS team is no different. I’d like to sincerely thank InComm Payments for their trust, support, and cooperation throughout this deal and I look forward to continuing our friendship well into the future.”
"This transaction brings us one step closer on our path to ubiquity in the wireless industry," said Ali Koumaiha, Founder of RT².
“As we develop the next generation of financial technology solutions and grow our payments platforms into new industries, we sought a business that would enable IAS to continue delivering quality service and expertise to wireless carriers, agents and consumers,” said Stefan Happ, President of InComm Payments. “We thank the IAS team for their dedication and look forward to seeing them grow under RT2.”
The terms of the deal were not disclosed by either party at this time and will remain confidential.
Third Comma are the Deal Advisors and Gora LLC is legal counsel to RT² on the transaction. Tobin Reyes, P.A. is legal counsel to InComm Payments and InComm Agent Solutions for the transaction.
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