SAN JOSE, Calif. – Nov 9 – Verifone (NYSE: PAY) announced today that it has signed an agreement to acquire InterCard AG, a leading Payment as a Service provider in Germany.
“This announcement reaffirms our commitment to meeting the needs of our retail clients who are increasingly seeking new services and assistance as they grow across Europe. The acquisition of InterCard will provide retailers with access to a fuller suite of payment acceptance services across the continent,” said June Felix, President Verifone Europe.
InterCard, based in Munich, is a family-owned business that was founded in 1992. For more than 20 years, the company has provided a full suite of payment services including terminal sales and leasing, field support services such as helpdesk, installation and maintenance as well as gateway services, such as transaction routing. The combination of Verifone and InterCard in Germany creates a point of sale terminal and multichannel Payment as a Service provider capable of offering merchants secure, simple and innovative end-to-end payment and commerce solutions.
“As the German market continues to evolve toward accepting more forms of cashless payment, Verifone anticipates growing demand from its customers for a partner capable of helping merchants and financial institutions quickly adapt, reducing the complexity of managing their payment environments, and better leveraging their point of sale investments to engage consumers and grow sales,” said Markus Hoevekamp, General Manager, Verifone Germany. “InterCard is a long-time Verifone partner and an outstanding organization, with a strong management team that is known for delivering exceptional client service.”
“Together with Verifone, InterCard’s customers will now benefit from further improvements to our service offering and by future innovation,” said Kai Adolph, CEO InterCard AG. “Furthermore, as the market continues to grow and expand across geographical boundaries, our clients are looking for a partner who can support them seamlessly across countries and across continents. Verifone has been a trusted partner of InterCard for years and has broad global distribution, an international client base, and a brand that is known for security and reliability. We’re excited about the benefits of joining the Verifone team, and the value this will bring to our clients’ ambitions.”
Terms of the deal are not disclosed. Closure is dependent on the approval of the German Federal Financial Supervisory Authority, BaFin, and the German Federal Cartel Office, Bundeskartellamt. Verifone will provide additional information regarding the pending acquisition on the company’s upcoming Q4 FY15 Earnings call on Dec. 14, 2015 at 1:30 p.m. Pacific Time.
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for VeriFone Systems, Inc.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and on currently available competitive, financial and economic data 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., including many factors beyond our control. These risks and uncertainties include, but are not limited to, those associated with: market acceptance of our products and service offerings, execution of our strategic plan and business initiatives and whether the expected benefits of our plan and initiatives are achieved, short product cycles and rapidly changing technologies, our ability to maintain competitive leadership position with respect to our payment solution offerings, our assumptions, judgments and estimates regarding the impact on our business of the continued uncertainty in the global economic environment and financial markets, our ability to successfully integrate acquired businesses into our business and operations, our ability to protect against fraud, the status of our relationship with and condition of third parties such as our contract manufacturers, distributors and key suppliers upon whom we rely in the conduct of our business, our dependence on a limited number of customers, the conduct of our business and operations internationally, our ability to effectively hedge our exposure to foreign currency exchange rate fluctuations, and our dependence on a limited number of key employees. For a further list and description of the risks and uncertainties affecting the operations of our business, 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. The forward-looking statements speak only as of the date such statements are made. 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.
Verifone is transforming everyday transactions into opportunities for connected commerce. We’re connecting more than 27 million payment devices to the cloud—merging the online and in-store shopping experience and creating the next generation of digital engagement between merchants and consumers. We are built on a 30-year history of uncompromised security. Our people are known as trusted experts that work with our clients and partners, helping to solve their most complex payments challenges. We have clients and partners in more than 150 countries, including the world’s best-known retail brands, financial institutions and payment providers.
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Verifone Media Relations