Verifone Acquires Electronic Payments Company Hypercom For $485 Million
Electronic payments solutions company VeriFone Systems has just announced the acquisition of Hypercom, a company that sells secure electronic payment and digital transaction technologies. The deal is an all-stock transaction valued at approximately $485 million. The deal is expected to close in the second half of 2011.
Hypercom’s products range from countertop and mobile card payment terminals and PIN entry devices to server-based payment systems that consolidate, manage and route transactions for the retail, petroleum, ticketing and parking sectors.The company also supplies the medical industry with e-health terminals for new electronic health cards, and self-service payment devices for mass transit rail ticketing, road tolls and parking meters, vending machines, kiosks, petrol forecourts and more in Europe, the Middle East, Asia Pacific and North America
Hypercom’s says its revenues have increased from almost $290 million to approximately $450 million. Verifone is acquiring the company to expand its presence in European markets.
Verifone is on a bit of an acquisition spree and just acquired Way Systems and Semtek. And the company just struck a deal with PayPal to offer mobile payments acceptance with PayPal in the company’s products.
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