VeriFone has acquired electronic payments specialist Point International from Nordic Capital for €600m (US$812m) as the POS terminal maker accelerates its transition to a managed services revenue model.
Stockholm-based Point provides a range of services to European retailers, including point-of-sale technology and support, payments gateway services, card encryption services, and multi-channel ecommerce processing. The company has operations in 11 northern European countries and Point installations handle 10 million transactions daily.
“For the past two years we have been transforming our business to respond to the rapidly evolving needs of consumers, retailers, and payment innovators worldwide,” says VeriFone CEO Douglas Bergeron. “Our vision is to offer retailers everywhere a managed service to easily accept all existing payment types, including the evolving alternative and mobile payment methods being offered by Google, PayPal, Groupon, Isis, Visa, MasterCard, and American Express. At the same time, we can increasingly offer the new payment entrants easy and accelerated access to our worldwide installation of more than 20 million merchant lanes.”
The acquisition is expected to close by the end of 2011 and VeriFone expects the purchase to add $260 million in sales during the first 12 months.