VeriFone Completes Acquisition of Hypercom Corporation
SAN JOSE, Calif.--VeriFone Systems Inc. has completed its acquisition of Hypercom Corporation. In connection with the closing, VeriFone and Hypercom reached a settlement with the U.S. Department of Justice, following which Hypercom divested its U.S. payment systems business to The Gores Group LLC.
"This strategic acquisition complements VeriFone's position as a trusted, worldwide leader of the electronic payment industry," said VeriFone CEO Douglas G. Bergeron. "VeriFone plans to grow and enhance all major product lines that existed prior to completing this acquisition, bolstered with the strong VeriFone brand identity."
According to the company, Hypercom's presence in a number of important markets enables VeriFone to accelerate overseas growth, increase innovation and build value for customers, employees and shareholders.
VeriFone expects the acquired Hypercom 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.