ICOA acquires Tango Technologies

ICOA, Inc. (Warwick, RI, USA) have announced that it has completed the acquisition of a majority interest in Tango Software Corporation, (Richmond, BC, Canada) a privately held Canadian company that develops mission critical software.

Tango Software Corp. (Tango) designs and develops mission-critical software specializing in e-Commerce payment processing software, high-availability (24/7) solutions for enterprise-scale Internet websites, Internet security and digital identity protocols, and computer control systems for industrial, electrical, and refrigeration applications.

Recently, Tango announced an exclusive agreement with Global Filipino Solutions Incorporated (GFSI), to build an advanced Payment Processing Gateway. Tango is also the primary software developer for GFSI current endeavors.

The exclusive arrangement with GFSI is to design, develop, and deploy a world-class banking remittance and credit card processing system (eCommerce and payment processing gateway) for GFSI’s booming merchant base.

“With completion of the acquisition of a majority interest in Tango, ICOA is positioning itself to expand into the multibillion dollar e-Commerce Payments space,” stated Erwin Vahlsing, Jr. CFO. Gartner predicts that in 2016 there will be 448 million m-payment users, in a market worth $617 billion. ICOA will couple this capability with its existing Wi-Fi and Internet customers to provide e-Commerce payment solutions on an International level.

Tango and GFSI have completed due diligence and feasibility for the project, and have begun work on it in the Spring of 2010, after having undergone an extensive review and vetting process. The project has progressed through the planning, costing, and resource allocation stages. Both parties have agreed to expedite development of the software.

Tango’s immediate emphasis will be the development of the “Payment Processing Platform” to service the growing needs in all sectors of the lucrative e-Commerce services for countries in the Pacific Region. The revenue model, based country by country, will be either a share of the revenue or a multiyear Licensing Agreement.

About ICOA

ICOA, Inc. is a USA provider of wireless and wired broadband Internet networks in high-traffic public locations. ICOA provides design, installation, operation, maintenance and management of WI-FI hot-spot and hot-zone Internet access. Based in Warwick, Rhode Island, ICOA owns or operates broadband access installations in high-traffic locations across 40 states, located in airports, quick-service restaurants, hotels and motels, travel plazas, marinas etc. ICOA networks are compatible with widely-used 802.11x technology and with virtually all Internet service providers. Further information is at www.icoacorp.com

About Tango

Tango Software Corp. is an internationally recognized designer and developer of mission-critical software specializing in e-Commerce payment processing software, high-availability (24/7) solutions for enterprise-scale Internet websites, Internet security and digital identity protocols, and computer control systems for industrial, electrical, and refrigeration applications. Tango has developed, designed, and quality assured software for a number of enterprise clients. In the payment processing space, it is a recognized integrator with gateways such as FDMS, Nova Systems, BCE AssurePay, and Moneris. Further information is at www.tangotechnical.com

Source: Marketwatch