Verifone (NYSE: PAY) announced today that it has signed an agreement to
acquire InterCard AG, a leading Payment as a Service provider in Germany.
“This announcement reaffirms our commitment to meeting the needs of our
retail clients who are increasingly seeking new services and assistance
as they grow across Europe. The acquisition of InterCard will provide
retailers with access to a fuller suite of payment acceptance services
across the continent,” said June Felix, President Verifone Europe.
InterCard, based in Munich, is a family-owned business that was founded
in 1992. For more than 20 years, the company has provided a full suite
of payment services including terminal sales and leasing, field support
services such as helpdesk, installation and maintenance as well as
gateway services, such as transaction routing. The combination of
Verifone and InterCard in Germany creates a point of sale terminal and
multichannel Payment as a Service provider capable of offering merchants
secure, simple and innovative end-to-end payment and commerce solutions.
“As the German market continues to evolve toward accepting more forms of
cashless payment, Verifone anticipates growing demand from its customers
for a partner capable of helping merchants and financial institutions
quickly adapt, reducing the complexity of managing their payment
environments, and better leveraging their point of sale investments to
engage consumers and grow sales,” said Markus Hoevekamp, General
Manager, Verifone Germany. “InterCard is a long-time Verifone partner
and an outstanding organization, with a strong management team that is
known for delivering exceptional client service.”
“Together with Verifone, InterCard’s customers will now benefit from
further improvements to our service offering and by future innovation,”
said Kai Adolph, CEO InterCard AG. “Furthermore, as the market continues
to grow and expand across geographical boundaries, our clients are
looking for a partner who can support them seamlessly across countries
and across continents. Verifone has been a trusted partner of InterCard
for years and has broad global distribution, an international client
base, and a brand that is known for security and reliability. We’re
excited about the benefits of joining the Verifone team, and the value
this will bring to our clients’ ambitions.”
Terms of the deal are not disclosed. Closure is dependent on the
approval of the German Federal Financial Supervisory Authority, BaFin,
and the German Federal Cartel Office, Bundeskartellamt. Verifone will
provide additional information regarding the pending acquisition on the
company’s upcoming Q4 FY15 Earnings call on Dec. 14, 2015 at 1:30 p.m.
Pacific Time.
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995
for VeriFone Systems, Inc.
This press release includes certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on management's current expectations or
beliefs and on currently available competitive, financial and economic
data and are subject to uncertainty and changes in circumstances. Actual
results may vary materially from those expressed or implied by the
forward-looking statements herein due to changes in economic, business,
competitive, technological and/or regulatory factors, and other risks
and uncertainties affecting the operation of the business of VeriFone
Systems, Inc., including many factors beyond our control. These risks
and uncertainties include, but are not limited to, those associated
with: market acceptance of our products and service offerings, execution
of our strategic plan and business initiatives and whether the expected
benefits of our plan and initiatives are achieved, short product cycles
and rapidly changing technologies, our ability to maintain competitive
leadership position with respect to our payment solution offerings, our
assumptions, judgments and estimates regarding the impact on our
business of the continued uncertainty in the global economic environment
and financial markets, our ability to successfully integrate acquired
businesses into our business and operations, our ability to protect
against fraud, the status of our relationship with and condition of
third parties such as our contract manufacturers, distributors and key
suppliers upon whom we rely in the conduct of our business, our
dependence on a limited number of customers, the conduct of our business
and operations internationally, our ability to effectively hedge our
exposure to foreign currency exchange rate fluctuations, and our
dependence on a limited number of key employees. For a further list and
description of the risks and uncertainties affecting the operations of
our business, see our filings with the Securities and Exchange
Commission, including our annual report on Form 10-K and our quarterly
reports on Form 10-Q. The forward-looking statements speak only as of
the date such statements are made. Verifone is under no obligation to,
and expressly disclaims any obligation to, update or alter its
forward-looking statements, whether as a result of new information,
future events, changes in assumptions or otherwise.
About Verifone
Verifone is transforming everyday transactions into opportunities for
connected commerce. We’re connecting more than 27 million payment
devices to the cloud—merging the online and in-store shopping experience
and creating the next generation of digital engagement between merchants
and consumers. We are built on a 30-year history of uncompromised
security. Our people are known as trusted experts that work with our
clients and partners, helping to solve their most complex payments
challenges. We have clients and partners in more than 150 countries,
including the world’s best-known retail brands, financial institutions
and payment providers.
Verifone.com
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