Verifone Holdings, Inc. (NYSE: PAY) today announced that it is acquiring the assets of Orange Logic Ltd., a South Korean payment systems provider. Financial terms were not disclosed.
With the acquisition, Verifone gains the people and infrastructure to introduce its secure electronic payment product line into the Republic of Korea, and an existing domestic product line and customer base. Although South Korea is second only to the U.S. market with more than 2.5 million deployed electronic payment systems, only 10%-15% of those meet government security requirements for compliance with the international EMV standard.
Verifone CEO Douglas G. Bergeron said: "We see great potential in the growing South Korean market and are optimistic about the high growth potential for the transition to mandated EMV solutions. In addition to generating immediate revenue from Orange Logic's certified and customized products, Verifone is acquiring a strong foundation of development, operations, service, and sales resources on which to expand our global product line into this large market."
Orange Logic was founded in 2004 and has primarily been supplying electronic payment devices to distinguished customers in the South Korean retail and banking segments.
Effective immediately, Orange Logic will operate as Verifone Korea and will continue to manufacture the existing Orange Logic product family. Verifone is now the only global payments solutions provider with a physical presence in South Korea. The acquisition is expected to expedite the certification and availability in South Korea of Verifone's recently announced VX Evolution systems, which will provide Korean processors with greater options to meet EMV mandates.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for Verifone Holdings, Inc.
This press release includes certain forward-looking statements related to Verifone Holdings, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on Verifone management's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of Verifone Holdings, Inc. These risks and uncertainties include: the successful integration of Orange Logic and expansion of Verifone products into the Republic of Korea, Korean governmental enforcement of the mandate to transition to EMV solutions, customers' acceptance and adoption of Verifone solutions and other new product and service offerings, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. Verifone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About Verifone Holdings, Inc. (www.verifone.com)
Verifone Holdings, Inc. ("Verifone") (NYSE: PAY) is the global leader in secure electronic payment solutions. Verifone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. Verifone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.