VeriFone Goes Mobile With Purchase of Global Bay
SAN JOSE, Calif. -- VeriFone Systems Inc. acquired Global Bay Mobile Technologies, a mobile retail solutions provider that helps retailers use alternative payment devices -- such as iPads -- as payment vehicles. Terms of the deal were not disclosed.
VeriFone is the largest manufacturer of cash registers. The company said the acquisition is a great way to bring the power of mobile devices into the world of retail and payments.
"Global Bay's mobile retail applications complement our vision to deliver rich commerce solutions that open up new opportunities for merchants to engage their customers in deeper, more meaningful ways that will generate increased profitability and shopper loyalty," Jennifer Miles, VeriFone's executive vice president, North America, said in a company-issued statement. "Retailers and consumers can continue to look to VeriFone to provide the most sophisticated and secure commerce experiences."
Global Bay products are used by retailers in North America, South America and Asia. Its solutions allow retailers to choose from a large suite of mobile payment applications, including mobile POS, clienteling and store inventory management.
Under terms of the acquisition, Global Bay co-founder Sandeep Bhanote has been appointed general manager of VeriFone's Mobile Retail Systems division. Nimit Sabharwal, Global Bay's other co-founder, was named VeriFone's senior director of operations.
"VeriFone understands the profound and transformative impact that mobile technology will have on the future of retail," said Bhanote. "Together, we will maximize delivery of cutting-edge mobile solutions that will change the face of retailing as we know it." According to the Wall Street Journal, the Global Bay acquisition is part of a larger VeriFone plan to spend up to $1 billion annually on acquisitions.