Aquiline Holdings LLC is considering selling Clear2Pay, a Belgian company that develops payments technology, according to Reuters.

The New York based investment company has not hired a bank to manage the sale, according to the wire service, which speculated Clear2Pay could draw about $552 million in a sale.

Aquiline purchased Clear2Pay, whose clients include ING Group, Banco Santander and Bank of New York Mellon, in Dec. 2009.

Bidders may include technology companies active in the banking sector, such as Oracle or SAP, or financial services technology vendors such as Fiserv, Reuters reported.

Clear2Pay’s technology includes a service that allows app vendors and wireless carriers to test the security and interoperability of mobile payment products before launch. Its M/Chip Advance Test product was recently validated by FIME, an EMVco and MasterCard accredited test laboratory. M/Chip Advance is an EMV-based payment platform for debit, credit and prepaid cards that aids contactless applications and loyalty programs.

Aquiline, Clear2Pay, and SAP did not return requests for comment by deadline, and Oracle and Fiserv did not comment.

In an Oct. 25 press release, Clear2Pay co-founders Michel Akkermans and Jurgen Ingels said: "Aquiline is one of the private equity/venture capital investors in our company and we have enjoyed a very fruitful and excellent working relationship since December 2009. Professional investors do invest and sell their stakes at chosen times; this is what they are supposed to do. However this does not mean that the company as a whole will be sold. We are in the midst of a very active year and we, and our 1,200 staff globally, focus on building the company out further and selling the company is not part of that."

This story has been updated to add the statement from Clear2Pay's Oct. 25 press release.

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