VeriFone Systems has completed its acquisition of Point, Northern Europe’s largest provider of payment and gateway services and solutions for retailers.
According to VeriFone, Stockholm-based Point has operations in 11 European countries and serves a network encompassing nearly 475,000 merchant contracts. Through this network, Point offers retailers a range of multi-channel services and solutions, including point-of-sale technology and support, gateway services, card encryption services, and e-commerce processing.
VeriFone says it will extend the Point platform throughout the region and beyond, with the aim of creating the world’s largest infrastructure for rapid deployment of alternative payments and NFC mobile commerce.
“This acquisition supports our vision of offering retailers everywhere a managed service to easily accept all existing payment types, including the evolving alternative and mobile payment methods being offered by traditional card brands and new entrants such as Google, PayPal, Groupon and Isis,” said VeriFone CEO Douglas G. Bergeron. “The new entrants can take advantage of easy and accelerated access to VeriFone’s worldwide installation of more than 20 million merchant lanes.”
To pay for the acquisition and refinance existing debt, VeriFone has signed a credit agreement worth $1.5 billion with J.P. Morgan, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo, Barclays and RBC Capital Markets.