S. African Buy to Power VeriFone - Analyst Blog
01 Julho 2011 - 2:44PM
Zacks
VeriFone Systems, Inc. (PAY) recently completed
the acquisition of South African based Destiny Electronic Commerce
Ltd.
Headquartered in Johannesburg with offices in Cape Town and
Durban, Destiny Electronic Commerce provides secure payment
technologies, services and solutions at the point of sale for
Sub-Saharan Africa and the Indian Ocean Islands.
With this acquisition, management expects to expand its
footprint in South Africa, which has sound growth
prospects backed by exceptional infrastructure. VeriFone
stated that the acquisition will provide an opportunity to the
company to expand in a potential $100 million market. Further,
Destiny’s management team, headed by former CEO Llewellyn Walters,
and 160 employees have already been integrated into the
company.
With the economy recovering, revenue growth at Verifone should
accelerate in fiscal 2011.
In November 2010, VeriFone announced that it would acquire rival
Hypercom Corporation, which had established itself in a number of
important European markets. VeriFone announced that it would
acquire its rival Hypercom Corporation (HYC) for
approximately $7.32 per share or $485 million.
The transaction is expected to close in the second half of 2011
and is anticipated to be accretive to VeriFone during the first
twelve months of combined operations, excluding one-time costs.
The company expects to expand its operations in Continental
Europe by leveraging Hypercom’s position in European markets.
Furthermore, VeriFone had declared earlier that the acquisition
would eliminate product overlap, administrative costs and sales
expenses in many markets, which would ultimately drive significant
operating synergies.
Based in San Jose, California, VeriFone provides solutions for
electronic payment systems for the financial, retail, hospitality,
petroleum, transportation, government and health care vertical
markets.
HYPERCOM CORP (HYC): Free Stock Analysis Report
VERIFONE HLDGS (PAY): Free Stock Analysis Report
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