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VeriFone completes acquisition of Hypercom

VeriFone Systems has completed its acquisition of Hypercom Corporation.

In connection with the closing, VeriFone and Hypercom reached a settlement with the US Department of Justice, following which Hypercom divested its US payment systems business to The Gores Group.

VeriFone CEO Douglas Bergeron said this strategic acquisition complements VeriFone’s position as a trusted, worldwide leader of the electronic payment industry.

"VeriFone plans to grow and enhance all major product lines that existed prior to completing this acquisition, bolstered with the strong VeriFone brand identity," he added.

Hypercom’s presence in a number of important markets is expected to enable 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 $350m and non-GAAP fully diluted EPS accretion of 20 to 25 cents.