On Track Innovations

Company Overview

Snapshot

Founded in February 1990, On Track Innovations operates with 51–200 employees. The company raised $2.5 million across two funding rounds from two investors. In June 2022, On Track Innovations was acquired by Nayax.

Business overview

On Track Innovations develops cashless payment solutions, including near-field communication products. These solutions are utilized across various industries such as banking, mobile network operations, vending, mass transit, gas stations, and parking. The company operates within the Fintech & Insurtech sector, leveraging an extensive global IP portfolio.

Strategic signal

In June 2022, On Track Innovations was acquired by Nayax, leading to its cessation of operations. This acquisition marks a significant consolidation in the cashless payment solutions market, indicating a strategic move by Nayax to integrate OTI's technology and customer base.

Company Intelligence Q&A

What was the most significant corporate event for On Track Innovations in 2022?

In June 2022, On Track Innovations was acquired by Nayax, leading to the company ceasing its operations.

When did On Track Innovations raise its last disclosed funding round?

In December 2019, On Track Innovations raised $2.5 million from investors, including Jerry L. Ivy.

What was a key strategic partnership for On Track Innovations in 2017?

In April 2017, On Track Innovations partnered with US-based 365 Retail Markets to supply cashless payment solutions for MicroMarkets.

Did On Track Innovations secure any significant contracts in Poland?

In May 2018, On Track Innovations secured a new ticketing contract in Poland.

What was a notable product delivery by On Track Innovations in 2017?

In July 2017, On Track Innovations delivered the first batch of 3,000 payment systems to a well-known Japanese retailer.