Verifone has acquired AJB Software Design, Inc., a Toronto-based provider of payment gateway and switching solutions for large merchants in the U.S. and Canada. Financial terms of the deal were not disclosed.
The deal enable Verifone and its partners to deliver payment and commerce services that meet merchants’ demands for additional simplicity, security, flexibility and functionality.
Jennifer Miles, President of North America for Verifone, said in a statement: “Merging AJB’s solutions and expertise with Verifone’s breadth of services and systems expertise will provide retailers multiple options to better manage and secure their payment infrastructure and provide more value to customers,” and also added this: “And, our partners will be able to provide this remarkable level of flexibility and functionality to their clients as well.”
The deal is expected to close during Q2 FY16, Verifone will provide additional information regarding the acquisition on the company’s Q1 FY16 earnings call.
Founded in 1981 and headquartered in San Jose, California, Verifone provides technology for electronic payment transactions and value-added services at the point-of-sale. Verifone process a range of payment types, including signature and personal identification number (PIN)-based debit cards, credit cards, contactless/radio frequency identification cards, smart cards, pre-paid gift and other stored-value cards, electronic bill payment, check authorization and conversion, signature capture and Electronic Benefit Transfer (EBT). Verifone has clients and partners in more than 150 countries, including some of the world’s best-known retail brands, financial institutions and payment providers.