INIT Innovations in Transportation Inc. has acquired a 27.5% stake in Bytemark Inc., a provider of mobile ticketing technologies in the transit industry.
Bytemark, located in New York, with additional offices in the UK, Canada, India and Australia, has developed a patent-protected technology that powers a mobile ticketing platform for transit. The platform offers anintegrated 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 solutions to the transit industry and passengers.
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.