VeriFone Systems, Inc. (NYSE: PAY), today announced it has acquired Global Bay Mobile Technologies, a leading provider of next-generation mobile retail solutions. The acquisition is the latest development in VeriFone's strategy to bring the power of mobile into the world of retail and payments, extending new smartphone- and tablet-based shopping and payment experiences to retail organizations. Terms of the transaction, which closed effective today, were not disclosed.
"Global Bay's mobile retail applications complement our vision to deliver rich commerce solutions that open up new opportunities for merchants to engage their customers in deeper, more meaningful ways that will generate increased profitability and shopper loyalty," said Jennifer Miles, VeriFone executive vice president, North America. "Retailers and consumers can continue to look to VeriFone to provide the most sophisticated and secure commerce experiences."
Global Bay has worked with retailers across North America, Europe and Asia to increase sales and improve customer satisfaction with mobile applications that leverage existing POS, e-commerce, and traditional store systems. Global Bay's technology, coupled with VeriFone's secure mobile payment technology, offers the retailer an unparalleled comprehensive and integrated suite of mobile applications that will transform the in-store retail experience. These applications include Mobile POS, Clienteling, and Store Inventory Management.
Global Bay was co-founded by Sandeep Bhanote and Nimit Sabharwal and has established a leadership position in retail mobility. Bhanote, CEO of Global Bay, has been appointed general manager of VeriFone's Mobile Retail Systems business. Sabharwal, Global Bay vice president, has been appointed senior director of operations. Global Bay's entire management, technology, sales and support staff will continue in their present roles within this division.
"VeriFone understands the profound and transformative impact that mobile technology will have on the future of retail," said Bhanote. "Together we will maximize delivery of cutting edge mobile solutions that will change the face of retailing as we know it."
Integrated Mobile Solutions for Retailers
The integrated VeriFone and Global Bay platform extends beyond payments to offer a complete set of new mobile retail applications. Retailers will be able to quickly deploy these solutions, accelerating time to market and ROI. These mobile applications can be deployed on a wide-array of supported mobile devices, including smartphones, tablets and traditional ruggedized devices. The platform includes mobile user interface management, local data storage, the synchronization of data and application updates, and the integration to many of the most common back end systems retailers deploy including Oracle, Epicor, SAP IBM and many more.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.
This press release includes certain forward-looking statements related to VeriFone Systems, Inc., within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on VeriFone management's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc. These risks and uncertainties include: our ability to integrate the Global Bay acquisition and roll out mobile retail solutions, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. VeriFone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About VeriFone Systems, Inc. (www.verifone.com)
VeriFone Systems, Inc. ("VeriFone") (NYSE: PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.