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Electronics Production | November 19, 2010

VeriFone to acquire Hypercom

Secure electronic payment manufacturer set to merge operations.
VeriFone Systems, Inc., a global specialist in secure electronic payment solutions, and Hypercom Corporation, a high security electronic payment and digital transactions solutions provider, have signed a definitive agreement under which VeriFone will acquire Hypercom in an all-stock transaction valued at approximately $485 million, including net debt assumed by VeriFone.

In 2006, VeriFone acquired Israel based Lipman Electronics Engineering Ltd. VeriFone currently has 400 employees in Israel, after outsourcing the manufacturing operations to Sanmina-SCI Corporation. The Israeli offices are responsible for VeriFone's business in Europe and Asia.

“Consistent with our vision as a global leader in secure electronic payment solutions, we have placed strategic focus on replicating our North American success in key markets in continental Europe,” said VeriFone CEO Douglas G. Bergeron. “Hypercom has established itself in a number of important European markets, and this acquisition is an excellent and complementary way for us to accelerate our overseas growth, increase innovation and build value for our shareholders.”

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