SAN JOSE, Calif. — VeriFone Holdings Inc. announced in a press release that it has agreed to acquire the payment systems business of Trintech Group PLC in an all-cash transaction. Trintech's unattended and outdoor payment systems will enhance VeriFone's solutions in the growing markets for self-service payment, vending and pay-at-the-pump applications.
The acquisition includes a range of payment systems that will support and extend VeriFone's existing offerings for merchants and financial institutions. VeriFone will take over distribution of those products and will provide existing customers with service and support.
Trintech is divesting its payment systems business to concentrate on its transaction reconciliation software products and services, which allow customers to optimize enterprise funds management performance including transaction verification, account reconciliation, process management and compliance.
"The acquisition continues VeriFone's expansion into new growth markets," said Douglas G. Bergeron, VeriFone chairman and chief executive. "Trintech built a track record of innovation and leadership in unattended payment systems and EFT software. The acquisition of Trintech's payment business and its strong customer relationships will further enhance VeriFone's leadership in the growing and ever-changing electronic payments business."
"We are confident that the acquisition of our payment systems business by VeriFone is a strong fit with VeriFone's global position in the secure electronic payment technologies marketplace," said Cyril McGuire, Trintech chairman and CEO. "Trintech is reinforcing its strategic focus on its core competence in the funds management business. This strategic sale is designed to allow Trintech to aggressively expand its transaction reconciliation software business globally servicing customers in the commercial, financial and healthcare markets."
