Verifone Systems, a provider of payment and commerce solutions, has been acquired by an investor group led by Francisco Partners.
With the transaction completed, Mike Pulli becomes Verifone’s new CEO.
Pulli said: “The closing of this transaction represents a new and exciting chapter for Verifone as we seek to continue the transformation of Verifone from a terminal sales company to a leading provider of payments and commerce solutions.
“Francisco Partners brings deep industry expertise in payments technology, systems and software that will help Verifone execute on its vision for the future. Together, we look forward to leveraging and further accelerating Verifone’s technology to drive value for Verifone’s merchant customers and channel partners around the world.”
Francisco Partners partner Peter Christodoulo said: “Verifone’s payments technology is critical to the operation of merchants around the world. We are excited to build upon Verifone’s strong platform to continue to drive growth and bring additional capabilities to Verifone’s customers.
“We look forward to working with Mike and the Verifone team to strengthen the Verifone franchise and bring innovative payments and commerce solutions to Verifone’s customers.”
Under the terms of the transaction, Verifone stockholders received $23.04 per share in cash. As a result of the completion of the acquisition, Verifone’s common stock has ceased to trade on the New York Stock Exchange (NYSE).
Verifone is transforming every day transactions into new and engaging opportunities for merchants and consumers at the last inch of payments and commerce.
Powered by a growing footprint of more than 30 million devices in more than 150 countries, our people are trusted experts working with the world’s best-known retail brands, financial institutions, and payment providers.
Verifone is connecting more products to an integrated solutions platform to better meet the evolving needs of our clients and partners.
Francisco Partners is a leading global private equity firm, which specializes in investments in technology and technology-enabled services businesses. Since its launch over 18 years ago, Francisco Partners has raised over $14 billion in committed capital and invested in more than 200 technology companies, making it one of the most active and longstanding investors in the technology industry.
Source: Company Press Release