VeriFone to Acquire Lipman
VeriFone Holdings and Lipman Electronic Engineering have announced that they have entered into a definitive agreement for VeriFone to acquire Lipman, the Rosh Haayin, Israel-based provider of electronic payment systems. Following the acquisition, VeriFone will become the largest global provider of electronic payment solutions and services.
The acquisition is valued at $793 million based on VeriFone's share price at the close of trading on April 7th, 2006.VeriFone Chairman and CEO Douglas G. Bergeron said, "The acquisition provides exciting opportunities for VeriFone. The two companies are the fastest growing and most profitable providers of point of sale electronic payment technologies. Geographically, the businesses are complementary, and will be the leader in North America and the emerging markets, and number one or number two in most other key markets world-wide. Through this acquisition we will extend our technology leadership, particularly in the rapidly growing wireless and IP segments. Most importantly, we will be able to bring new technologies to market more quickly, offer a broader set of solutions and increased level of service and support to our customers worldwide."
"Since its founding in 1974, Lipman has established a track record of innovation and leadership in wireless payment technology, which is crucial to emerging markets that lack wired telephone infrastructure and to capture mobile payments throughout the world. The ability to leverage VeriFone's worldwide sales and marketing channels will increase the rate at which we can penetrate the emerging markets that have tremendous growth potential," said Lipman President and CEO Isaac Angel.
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