Francisco Partners-led investor group has agreed to acquire payments technology firm Verifone Systems for around $3.4bn.
As per terms of the deal, Francisco Partners-led investor group, including British Columbia Investment Management (BCI), will acquire Verifone’s common stock by paying $23.04 in cash.
With operations in over 150 countries, Verifone offers technology for payment and commerce solutions.
The company markets merchant-operated, consumer-facing and self-service payment systems to the financial, retail, hospitality, petroleum, government and healthcare industries.
Its system solutions consist of POS electronic payment devices that run its own operating systems, security and encryption software, and certified payment software.
Verifone’s system solutions can process a range of payment types, including signature and personal identification number (PIN)-based debit cards, credit cards, contactless/radio frequency identification cards, smart cards, pre-paid gift and other stored-value cards.
Verifone Connect is a secure and fully integrated global product with features such as payment services, estate management and business solutions with merchant and consumer-facing apps.
Verifone CEO Paul Galant said: “We believe this transaction reflects the progress we have made executing our transformation from a terminal sales company to a payments and commerce solutions provider.
“With Francisco Partners’ resources, expertise and track-record growing global technology businesses, we are confident that we will be better positioned to serve the needs of our clients around the globe.”
Subject to customary closing conditions, the deal is expected to complete in the third quarter of this year.Francisco Partners partner Peter Christodoulo said: “Verifone continues to build compelling and impressive products and technology and has attractive long-term growth prospects.”
Francisco Partners is a global private equity firm, which is specialized in investments in technology and technology-enabled services businesses. The firm has raised over $14bn in committed capital
