April 4, 2011 – Ingenico announced today its entry into an agreement to acquire the U.S. payment systems business of Hypercom Corporation for US$54 million in cash, subject to post-completion price adjustments.
The transaction is expected to close, subject to certain closing conditions, immediately prior to completion of VeriFone’s acquisition of Hypercom, which is expected to occur in the second half of 2011.
This transaction is a major step in Ingenico’s plan to enhance its activities in the U.S. payment solutions market. Specifically, it will significantly increase the company’s presence in the “banking” channel, particularly through the ISO (Independent Sales Organizations) community.
In the United States, Hypercom has built a strong customer base across different channels including Bankcard, multi-lane retail and value-added services. Following the completion of the transaction, these customers will benefit from Ingenico’s innovative and robust Telium range of products including contactless solutions. The transaction is expected to close, subject to certain closing conditions, immediately prior to completion of VeriFone’s acquisition of Hypercom, which is expected to occur in the second half of 2011.
In order to facilitate the integration of the two business operations, Thierry Denis has been appointed President of Ingenico North America, reporting to the CEO. Denis has been with Ingenico for over 20 years, 17 of which he spent in the Asia Pacific region with responsibility for several multi-cultural markets. Denis brings a strong sales and technical background and has been successful in expanding the international activities of Ingenico.
The acquisition of Hypercom U.S. business is a major step in our strategic development notably aimed at accelerating the adoption of contactless NFC technology,” commented Philippe Lazare, CEO of Ingenico. “This will enable us to accelerate our presence in the U.S through a promising combination of innovative product offers, expertise and extensive customer base. We are delighted to welcome Hypercom US team into the global family of Ingenico. I am confident that Thierry Denis along with the combined U.S. team will successfully strengthen and expand our presence in the U.S. payment solutions market, which we consider to be one of the key strategic target markets for Ingenico.”
Ingenico is a leading provider of payment solutions, with over 15 million terminals deployed in more than 125 countries. Its 3,000 employees worldwide support retailers, banks and service providers to optimize and secure their electronic payments solutions, develop their offer of services and increase their point of sales revenue.