US e-payments technology vendor Verifone is buying the payment systems business of Dublin-based Trintech in an all cash transaction worth $12.1 million.
Under the terms of the agreement, VeriFone will pay Trintech $12.1 million for all of the outstanding shares of a newly-formed subsidiary which, prior to closing, will hold substantially all of the assets and liabilities of the payment systems business of Trintech.
Trintech's board of directors has approved the sale, which is subject to customary closing conditions and is expected to close by the end of August, 2006.
Verifone says Trintech's unattended and outdoor payment systems will enhance its offerings in the growing markets for self-service payment, vending and pay-at-the-pump applications. VeriFone will take over distribution of the acquired products and provide existing customers with service and support.
Douglas Bergeron, VeriFone chairman and CEO, says: "The acquisition continues VeriFone's expansion into new growth markets."
Trintech says it is divesting its payment systems business to concentrate on its transaction reconciliation software products and services.