VeriFone To Acquire Trintech's Payment Systems Business

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.

"The acquisition continues VeriFone's expansion into new growth markets," said VeriFone Chairman and CEO Douglas G. Bergeron. "Trintech built a track record of innovation and leadership in unattended payment systems and EFT software. The acquisition of Trintech's payments business and their strong customer relationships will further enhance VeriFone's leadership in the growing and ever changing electronic payments business."

"We are confident that the acquisition of our payment systems business by VeriFone is a strong fit with VeriFone's global position in the secure electronic payment technologies marketplace," said Trintech Chairman and Chief Executive Officer, Cyril McGuire. "Trintech is reinforcing its strategic focus on its core competence in the Funds Management business. This strategic sale is designed to allow Trintech to aggressively expand its transaction reconciliation software business globally servicing customers in the commercial, financial and healthcare markets."

Under the terms of the Agreement, VeriFone will pay Trintech $12.1 million cash for all of the 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. Trintech's board of directors has approved the sale, which is subject to customary closing conditions and is expected to close by the end of August, 2006.