Verifone Systems, Inc. (NYSE: PAY), today announced it has reached a definitive agreement to acquire Destiny Electronic Commerce (Pty) Ltd. (trading as CSC), a South Africa-based electronic payments solutions provider. Financial terms were not disclosed.
Headquartered in Johannesburg with offices in Cape Town and Durban, CSC is a leading provider of secure payment technologies, services and solutions at the point of sale for Sub-Saharan Africa and the Indian Ocean Islands. The acquisition is expected to close this summer following customary regulatory review.
"South Africa is a very attractive market for Verifone as the country has a highly developed infrastructure but also has the growth potential of an emerging economy. This acquisition will provide a base on which to expand Verifone's Africa business into the company's next $100 million market," said Verifone CEO Douglas G. Bergeron.
"Verifone is gaining a highly talented management team and 160 employees who possess payments expertise and proven skills," Bergeron said. "We are eager to complete the integration of CSC's operations into Verifone."
Llewellyn Walters, CEO of Destiny Electronic Commerce (trading as CSC) said: "CSC is very excited and proud to become part of the growing Verifone family. Verifone's investment in South Africa and Africa via this acquisition is testimony to CSC's payment expertise and operational capability."
CSC supplies and supports payment systems for banking, retail and petroleum, providing value-added services, end-to-end estate management services and tools. CSC's EFTPOS development team provides a range of robust and reliable software applications that are adapted to ensure ongoing compliance with card industry specifications and standards.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for Verifone Systems, Inc.
This press release includes certain forward-looking statements related to Verifone Systems, 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 Systems, Inc. These risks and uncertainties include: the successful closing and integration of the acquisition of Destiny Electronic Commerce (Pty) Ltd., our ability to continue to successfully penetrate the Africa continent, 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 Systems, Inc. (www.verifone.com)
Verifone Systems, 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.