Verifone Systems announced that it has been acquired by an investor group, led by technology firm Francisco Partners.
The US$3.4 billion acquisition, previously announced in April, closed and became effective on Monday, August 20. Other investors included Canadian firm British Columbia Investment Management Corporation (BCI). Qatalyst Partners is serving as financial advisor to Verifone.
As part of the acquisition, Pace CEO Mike Pulli will be Verifone’s new CEO. Former Chief Executive Officer Paul Galant resigned shortly after the impending deal was announced. Galant will continue to serve on Verifone’s board as vice chairman. He will also become a senior advisor to Francisco Partners on payment strategies and opportunities.
“The closing of this transaction represents a new and exciting chapter for Verifone as we seek to continue the transformation of Verifone from a terminal sales company to a leading provider of payments and commerce solutions,” said Mike Pulli, incoming CEO of Verifone, in a press release. “Francisco Partners brings deep industry expertise in payments technology, systems and software that will help Verifone execute on its vision for the future. Together, we look forward to leveraging and further accelerating Verifone’s technology to drive value for Verifone’s merchant customers and channel partners around the world.”
Francisco Partners has raised more than US$14 billion in committed capital, and invested in more than 200 technology companie
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