VeriFone has acquired rival Hypercom. This follows a settlement with the US Department of Justice whereby Hypercom divested its US payment systems business to The Gores Group.
"This strategic acquisition complements our position as a trusted, worldwide leader of the electronic payment industry," says VeriFone CEO, Douglas G. Bergeron. "We plan to grow and enhance all major product lines that existed prior to completing this acquisition, bolstered with the strong VeriFone brand identity."
VeriFone expects the acquired business to contribute in fiscal year 2012 non-GAAP revenue of $350 million and non-GAAP fully diluted EPS accretion of 20 to 25 cents.
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