POS terminal vendor VeriFone has announced that it is going to acquire a Northern European payment gateway service provider to strengthen its position in the European retailer payments service market.
VeriFone intends to extend the Point platform throughout the region and beyond, with the aim of creating the world’s largest infrastructure for rapid deployment of alternative payments.
Point, based in Stockholm, has operations in 11 Northern European countries and serves a captive network encompassing almost 475,000 merchant contracts. Through this network, Point offers retailers a full range of services and solutions, including point-of-sale technology and support, gateway services, card encryption services, and multi-channel e-commerce processing.
VeriFone hopes that the acquisition will bring about $260 million additional revenues and help improve the company’s profitability and growth.
Read more from the press release here: http://www.verifone.com/2011/verifone-to-acquire-point-to-build-out-alternative-payments-infrastructure.aspx