Verifone Opens International Headquarters in Singapore
New Operation Is Center of Global Supply Chain Management
March 16, 2006
Singapore - March 16, 2006 - Verifone Holdings Inc. (NYSE: PAY), a leading global provider of secure electronic payment systems, today announced the official opening of Verifone Singapore Pte. Ltd, its International Headquarters located at RCL Centre, which will be responsible for the company’s global supply chain management and house a research and development center of excellence.
At the official opening ceremony this morning, Mr. Ko Kheng Hwa, Managing Director of the Singapore Economic Development Board, presented the Board’s International Headquarters (IHQ) award to Verifone Chairman and Chief Executive Officer Douglas G. Bergeron.
Verifone’s international management team based here will spearhead the organization’s global supply chain and serve as the focal point for R&D functions, regional finance and administration, and sales and marketing activities across Australasia, South East Asia and the Indian Sub-Continent. Verifone’s International Headquarters will play a key role in Verifone’s continuing international expansion, with responsibility for all operations in the Asia Pacific and Europe, Middle-East, and Africa (EMEA) regions, including expanded operations in Manila, a new development center in Bangalore, and recently opened facilities in Poland.
“Verifone’s International Headquarters is not only the focal point of Verifone’s emerging markets business, it is the bedrock of our highly efficient global supply chain operation,” said Mr. Bergeron. “The Singapore International Headquarters is a keystone in our ability to meet global demand and allows us to leverage the proximity of contract manufacturers and suppliers while more effectively serving our customers in the region. With our facilities in Singapore we can take advantage of economies of scale and the country’s beneficial pro-business policies.”
The global supply chain center in Singapore employs the latest technologies to contribute to an increase in supply chain efficiencies and cost savings as well as in its speed and flexibility of response to regional customer demands and market opportunities. The organization will manage in excess of US$200M in annual procurement and outsourcing services.
With the establishment of an international headquarters, Verifone is making a significant investment in the region with immediate plans for staffing of 69 people, including finance, supply chain, R&D and marketing.
Mr. Ko of the Singapore Economic Development Board said, "We are delighted that Verifone is establishing its international headquarters in Singapore to help drive its growth strategies for Asia and beyond. Its entry here will boost the already vibrant e-payment enterprise ecosystem. Verifone is the latest addition to a growing number of companies that are using their Singapore headquarters to manage global functions and undertake a much wider range of activities such as R&D and manufacturing control. This testifies to Singapore’s strong value proposition as a total business hub for managing global operations."
Mr. Bergeron said that Verifone chose Singapore for its global supply chain hub due to its world-class airport and seaport infrastructure and connectivity, business friendly policies, strong technology base and manpower capabilities in high value added activities. Furthermore, he added, Singapore’s status as a strategic manufacturing base and local expertise in international supply chain management will enhance the company’s ability to leverage the shift in the technology manufacturing base to Asia.
About Verifone Holdings, Inc.
Verifone Holdings, Inc. (“Verifone”) (NYSE: PAY), a global leader in secure electronic payment technologies, provides expertise, solutions and services for today with a migration strategy for tomorrow. Verifone delivers solutions that add value to the point of sale, resulting in improved merchant retention and the generation of new sources of revenue for its partners and customers. Verifone solutions are specifically designed to meet the needs of vertical markets including financial, retail, petroleum, government and healthcare.