Shares in electronic payments company Trintech jumped more than 11 per cent to $9 yesterday when it announced the acquisition of an ailing US technology firm Globeset Inc for $31 million. The cash and stock deal was announced three weeks after Texas-based Globeset said it was cutting 200 jobs due to a cash crisis at the firm.

Trintech's merger with Globeset will remove one of Trintech's main competitors in the US market and add scale to the company which will now employ more than 600 people worldwide.