Verifone Expands Services Offering for Large Retailers in the U.S. and Canada with Agreement to Acquire AJB Software
January 15 2016 - 11:48AM
Business Wire
Enables delivery of an end-to-end solution with
enhanced vertical functionality, from a single provider
Acquisition expected to close in Q2 FY16
(NRF Big Show 2016, Verifone Booth #3343 and AJB Booth #1563)
— Verifone (NYSE: PAY) today announced it has signed an
agreement to acquire AJB Software Design, Inc., a Toronto-based
provider of payment gateway and switching solutions for large
merchants in the U.S. and Canada.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20160115005644/en/
A COMPLETE END-TO-END SOLUTION FOR RETAILERS
Approximately 150 large retailers in the U.S. and Canada rely on
AJB’s on-premise gateway and other solutions to connect nearly a
half million payment devices. AJB connects devices from Verifone
and other providers to more than 100 processors and applications –
such as government benefits, stored value cards, and fleet cards –
required by supermarkets, c-stores and other merchants. Acquiring
AJB will better enable Verifone and its partners (such as ISVs and
acquirers) to deliver payment and commerce services that meet
merchants’ demands for additional simplicity, security, flexibility
and functionality.
“Merging AJB’s solutions and expertise with Verifone’s breadth
of services and systems expertise will provide retailers multiple
options to better manage and secure their payment infrastructure
and provide more value to customers,” said Jennifer Miles,
President of North America for Verifone. “And, our partners will be
able to provide this remarkable level of flexibility and
functionality to their clients as well.”
Additionally, AJB will extend Verifone’s services with:
- A solution certified by major Canadian
banks and processors for EMV acceptance.
- Support for Verifone and non-Verifone
devices—increasing merchants’ ability to manage and seamlessly
expand their payments systems.
- The ability to offer merchants a number
of subscription-based hosting options.
“Combining AJB’s offerings with Verifone’s services creates an
unmatched set of hardware-neutral solutions—giving merchants the
ability to select from a wider range of products that best meet
their business requirements,” said AJB founder and president,
Naresh Bangia. “Ultimately, this enables AJB and Verifone clients
to receive stronger value and support—all from a single
vendor.”
Terms of the transaction, which is expected to close during Q2
FY16, were not disclosed. Verifone will provide additional
information regarding the acquisition on the company’s Q1 FY16
earnings call.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 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: the successful closing of the proposed acquisition, 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.
About Verifone
Verifone is transforming everyday transactions into
opportunities for connected commerce. We’re connecting more than 29
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.
Verifone.com | (NYSE: PAY) | @verifone
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version on businesswire.com: http://www.businesswire.com/news/home/20160115005644/en/
VerifoneAlex Shorter, 770-754-3608Alex.shorter@verifone.com
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