US telecommunications service provider D&S Communications has paid NZ$3 million for the assets of failed New Zealand payments security company Mako Networks.
D&S has acted as an implementation and logistics partner for Mako in the United States since 2014, managing the installation of over 4,000 Mako devices for oil giant Chevron.
This year it became Mako's primary North American distributor of Mako's PCI DSS compliance technologies.
Mako abruptly failed in August after New Zealand telco Spark called in the receivers. Mako owed Spark NZ$26 million.
D&S has acquired the rights to all intellectual property relating to Mako's branded network appliances and cloud-based Central Management System, including patents and patent applications, trademarks and the beneficial interest in any contracts signed with customers worldwide.
D&S says it will continue to base research and development and compliance in New Zealand. Several of Mako's senior managers, including company founders Chris Massam and Simon Gamble, will be retained as will core members of the R&D team.
Jason Kubasak, CEO of D&S Communications said the decision to acquire Mako's assets was the result of a good understanding of Mako's technology and global potential.
"In working with Mako over the last two years we've come to respect the technology and the deep knowledge the team has about keeping networks secure and have an extremely high regard for their unique and highly robust approach to network security and compliance," said Jason Kubasak, CEO of D&S Communications.
When restructuring is completed the company will operate wholly owned trading subsidiaries in each of its four territories: New Zealand, Australia, the UK and the USA.
Spark retains the rights to Mako's Secure Me product in New Zealand.