News

VeriFone Completes Acquisition of Hypercom Corporation

SAN JOSE, Calif. - August 4, 2011 - VeriFone Systems, Inc. (NYSE:PAY - News) today announced the completion of its acquisition of Hypercom Corporation. In connection with the closing, VeriFone and Hypercom reached a settlement with the U.S. Department of Justice, following which Hypercom divested its U.S. payment systems business to The Gores Group, LLC.

"This strategic acquisition complements VeriFone's position as a trusted, worldwide leader of the electronic payment industry," said VeriFone CEO Douglas G. Bergeron. "VeriFone plans to grow and enhance all major product lines that existed prior to completing this acquisition, bolstered with the strong VeriFone brand identity."

The new and improved VeriFone represents tremendous geographical, and product and services diversification. Hypercom's presence in a number of important markets enables VeriFone to accelerate overseas growth, increase innovation and build value for customers, employees and shareholders.

VeriFone expects the acquired Hypercom business to contribute in fiscal year 2012 non-GAAP revenue of $350 million and non-GAAP fully diluted EPS accretion of 20 to 25 cents.

More you can read here.

SoNet’s view by Jan Pistelak

We are very happy that the Hypercom-Verifone Corporations merger process was closed despite the intervention of regulatory authorities (USA, Spain, UK). This is a kind of reassuring information not only for us, but mainly for our customers.

According to the closed contracts the support of “original” Hypercom’s products under Verifone’s flag will continue with no impact on our customers. Stabilization of the inner team of “new” Verifone will be completed in forthcoming weeks. In IV quarter we expect to receive the first information about product ranges, how Hypercom technologies will  penetrate into VeriFone product range.
Our effort is to acquire development tools as well as products themselves as soon as possible so that we are able to react on trade requirements.

VeriFone provides us and our customers with a written confirmation regarding continuous support of products and services of Hypercom Corporation. We believe in the near future our customers will see only advantages which Hypercom-Verifone merger has brought about. You can be updated on all news on our website.