BlueKite Buys RedCycle Networks

BlueKite has acquired RedCycle Networks, a developer of bill-payment technology that is integrated with utilities and telecommunications companies in Mexico, Guatemala, El Salvador and South America. BlueKite is based in Miami and backed by PeopleFund.

PRESS RELEASE
BlueKite (http://www.bluekite.com) today
announced the acquisition of RedCycle Networks, a leading developer of
bill-payment technology solutions in Latin America. In addition to the
proprietary bill-payment technology platform developed by RedCycle Networks, the
company has completed integrations with local billers including utilities and
telecommunications companies in Mexico, Guatemala, El Salvador and South
America.

Headquartered in Miami, BlueKite will leverage RedCycle Networks technology to
provide more options to millions of consumers who emigrated and still support
friends and families back in their home countries. The company already offers
cross-border bill payment for services in countries including Mexico,
Guatemala, Honduras and El Salvador and is currently developing integrations
into other emerging markets in Africa, South America and South East Asia.
Some of the bill-payment services available through BlueKite include
electricity, gas, water, internet, cable, fixed and mobile phone and financial
services. The BlueKite payment platform is expected to be available to consumers
via internet, mobile devices, as well as through a clerk-assisted in-store
version.

Camilo Saravia, founder of RedCycle Networks will continue to lead the business
and join BlueKite as Vice President of Product and Biller Integrations, and
Kyle Passarelli who has served as CTO for RedCycle will join the company as
Vice President of Engineering.

“The acquisition of RedCycle Networks strengthens our presence and fits with our
mission to provide consumers more options to direct and control the remittances
they send back home,” said Jose Vargas, co-founder and President of BlueKite.
“From a business standpoint, the acquisition brings together a leading
proprietary technology platform that BlueKite will be able to scale and an
experienced team.”

“Our combination with BlueKite brings substantial momentum and the right
resources to grow our business,” said Camilo Saravia, founder of RedCycle
Networks. “Our vision and growth strategy will benefit from BlueKite’s reach and
financial strength, and we look forward to becoming part of the BlueKite team.”

About BlueKite
BlueKite offers a unique, state of the art, web-based platform that allows
consumers to make real-time cross border bill payments around the world.
Payments are safe, accurate, reliable and guaranteed. BlueKite makes bill pay
transactions possible through the integration of a proprietary payments platform
with the accounting system of relevant service providers worldwide, allowing
customers to view up to the minute balance information and pay bills
immediately. Recently the company announced a $1.5 million seed round led by
the founding team and PeopleFund.