SAN JOSE, Calif. — VeriFone Holdings Inc. announced that it has agreed to acquire the payment-systems business of Trintech Group PLC in an all-cash transaction. Trintech's unattended and outdoor payment systems will enhance VeriFone's solutions in the growing markets for self-service payment, vending and pay-at-the-pump applications. The acquisition includes a range of payment systems that will support and extend VeriFone's existing offerings for merchants and financial institutions. VeriFone will take over distribution of those products and will provide existing customers with service and support. Trintech is divesting its payment systems business to concentrate on its transaction reconciliation software products and services, which allow customers to optimize enterprise-funds-management performance, including transaction verification, account reconciliation, process management and compliance.
Under the terms of the Agreement, VeriFone will pay Trintech $12.1 million cash for all outstanding shares of a newly formed subsidiary which, prior to closing, will hold substantially all of the assets and liabilities of the payment systems business of Trintech. The purchase price is subject to adjustment based on the working capital of the business and other accruals at the closing date. The deal is expected to close in August.
