French payment solutions provider Ingenico has announced the acquisition of Hypercom Corporation’s U.S. payment systems business. Ingenico has agreed to pay $54 million in cash for the business, but the sum is subject to post-completion price adjustments.
Ingenico says the acquisition is a “major step” in its goal to increase its activities in the U.S. market and accelerate the adoption of contactless NFC technology. Following the completion of the transaction, Hypercom’s customers will have access to this technology via Ingenico’s Telium range of contactless payment products.
The transaction should close immediately prior to completion of VeriFone’s acquisition of Hypercom, which is expected to occur in the second half of 2011. In order to facilitate the integration of the two business operations, Thierry Denis has been appointed President of Ingenico North America, reporting to the CEO.
Philippe Lazare, CEO of Ingenico, comments: “This acquisition will enable us to accelerate our presence in the U.S through a promising combination of innovative product offers, expertise and extensive customer base. I am confident that Thierry Denis along with the combined U.S. team will successfully strengthen and expand our presence in the U.S. payment solutions market.”