Trintech has announced the acquisition of VeriFone's secure online payment technology and all its customer base.
As part of the agreement, Trintech, the Irish provider of secure online payment infrastructure solutions, has acquired the new line and associated assets, including the source code to all releases of all related products and technologies for a purchase price of $3.3 million.
The VeriFone product line is a complete e-commerce payment management solution aimed at large retailers, financial institutions, network operators and other multiple service providers.
VeriFone provides secure electronic-payment solutions for financial institutions, retailers and consumers and has shipped more than nine million electronic-payment systems across the globe.
"We are delighted with today's announcement of the acquisition of VeriFone's secure payment infrastructure technology and associated customer base," Trintech chief executive Mr John McGuire said.
"There are excellent synergies between our companies' payment technologies and this acquisition will deliver substantial benefits to our newly acquired customer base.
"The benefits to these customers will be realised in terms of enhanced product development and global service improvements," Mr McGuire said.
The acquisition of VeriFone's installed customer base of over 35 customers provides Trintech with an opportunity to broaden its market presence and cross-sell existing Trintech technology.
As part of the agreement, VeriFone is joining Trintech's PayWare Partner Program as a reseller of PayWare Products to ensure there is an integrated working relationship between the two companies.