Trintech Group Plc Has Acquired VeriFone’s Secure Payment Infrastructure And Internet Product Line
November 13, 2001
Acquisition of Software and Customers Adds Leading-Edge Technology And Blue Chip Companies, Further Positioning Trintech as Global Leader In the Consolidating Payments Sector
SAN MATEO, Calif., and DUBLIN, Ireland, Nov. 13 /PRNewswire/ -- Trintech (Nasdaq: TTPA; Neuer Markt: TTP), a global provider of secure payment infrastructure solutions, announced today that it has acquired VeriFone's ePS product line, which provides payment switching, prepaid and Internet functionality, and an installed base of more than 35 customers. VeriFone Inc. is a leading worldwide provider of POS solutions.
As part of the agreement, Trintech has acquired the ePS product line and associated assets, including the source code to all releases of all related products and technologies, as well as all existing ePS customers for a purchase price of $3.3 million. The VeriFone ePS product line is a complete eCommerce payment management solution aimed at large retailers, financial institutions, network operators and other multiple service providers.
"We are delighted with today's announcement of the acquisition of VeriFone's secure payment infrastructure technology and associated customer base," said John McGuire, Chief Executive Officer of Trintech. "VeriFone has a long and distinguished history in the payments industry. The ePS technologies will be a natural fit within Trintech's already robust set of products in the PayWare suite. There are excellent synergies between our companies' payment technologies and this acquisition will deliver substantial benefits to our newly acquired customer base. The benefits to these customers will be realized in terms of enhanced product development and global service improvements."
Mr. McGuire added: "The acquisition of VeriFone's installed customer base of over 35 customers provides us with a great opportunity to broaden our market presence and cross sell existing Trintech technology. With the acquisition of ePS we are reinforcing our leadership position in the consolidating electronic payment sector."
Trintech and VeriFone are working diligently to effect a seamless transition of VeriFone's customer base and product support, ensuring that existing VeriFone customers continue to receive premier customer support globally. As part of the agreement, VeriFone is joining Trintech's PayWare Partner Program as a reseller of PayWare Products to ensure there is an integrated working relationship between the two companies.
"Both VeriFone and Trintech are reinforcing their core competencies with this strategic sale," said Douglas Bergeron, Chief Executive Officer of VeriFone. "VeriFone is aggressively focused on enhancing POS payment solutions for our broad customer base in financial, retail, multi-lane retail, government and petroleum/convenience stores worldwide."
The addition of ePS to Trintech's PayWare suite of products will significantly reduce the investment and time to market for features Trintech's customers are requesting, including support for Gift Cards, enhanced prepayment options, and check authorization.
The ePS Product Range
VeriFone's ePS 5.1 (upgraded solution) includes the following modules:
-- ePS Credit, Debit Authorization
-- ePS Credit and Debit Issuer, and Private Label Interface
-- Gift Cards -- ePS Check Authorization
-- ePS Draft Capture and Settlement
-- ePS Voucher Activation
Trintech is a leading provider of secure electronic payment infrastructure solutions for real world, Internet and wireless transactions. The company, founded in 1987, offers a complete range of payment software products for credit, debit, commercial and procurement card applications. Trintech's secure product range is deployed in over 35 countries worldwide and covers the payment requirements of consumers, card issuing banks, merchant acquiring institutions, merchants, eMerchants, telcos, wireless operators, ISPs/CSPs, Portals and large corporations. The Group's range of scalable, open systems architecture solutions for UNIX® and Windows NT(TM) platforms covers consumer, merchant and financial institution requirements for all card-based payments, including eCommerce and the emerging world of mCommerce. Trintech can be contacted in the U.S. at 2755 Campus Drive, San Mateo, CA 94403 (Tel: 650-227-7000) and in Ireland at Trintech Building, South County Business Park, Leopardstown, Dublin 18 (Tel: 353-1-207-4000). Trintech can be reached on the Web at www.trintech.com. Investor information can be found at www.trintech.com.
VeriFone, Inc., ( www.verifone.com ) is the leading global provider of secure electronic-payment solutions for financial institutions, merchants and consumers. VeriFone has shipped more than nine million electronic-payment systems, which are used in more than 100 countries. VeriFone, Inc. is held by Gores Technology Group, an international acquisition and management company.
About Gores Technology Group
With headquarters in Los Angeles, Gores Technology Group (GTG) is a privately held international acquisition and management firm that pursues an aggressive strategy of acquiring promising high-technology organizations and managing them for growth and profitability. GTG has a proven track record of acquiring and successfully managing companies -- including many divisions acquired from large publicly traded companies -- through its commitment to customers, employees and continued development of intellectual property. GTG has acquired and managed approximately 35 interrelated but autonomous technology-oriented companies with locations throughout the world. Those companies provide a broad range of technology-based products and services to a substantial customer base representing millions of active users worldwide.