Symbol Technologies, Inc. The Enterprise Mobility Company, and high security electronic transaction solutions provider Hypercom Corporation today announced a strategic relationship designed to address the multi-lane payment terminal needs of retailers.
Symbol will initially resell Hypercom's Optimum series of multi-lane payment terminals in North America. Symbol and Hypercom currently anticipate expanding into global markets in the future, and adding additional Hypercom products to the Symbol portfolio to offer customers more expansive product offerings with a wider range of product functionality and affordability.
"This agreement with Hypercom aligns with our business strategy of focusing our internal engineering efforts on core technologies necessary to drive Symbol's current and future growth, while partnering with a variety of other technology leaders in complimenting fields to provide the complete solutions our customers require to more efficiently run their businesses," said Sal Iannuzzi, Symbol's president and chief executive officer. "Working with an industry leader like Hypercom will enable Symbol to continue innovating on enterprise mobility while relying on Hypercom's expertise in the electronic payment business to provide customers with industry-leading solutions."
Under the terms of the agreement, Hypercom will manufacture Symbol branded secure electronic payment devices for resale by Symbol to meet the varying needs of its customers. This relationship will enable Symbol to continue to serve customers in the United States needing fixed point-of-sale payment solutions, as well as potentially open new market opportunities throughout Canada, Latin American, Asia-Pacific, Europe, Middle East and Africa with a larger product portfolio. The expansion of Symbol's customer base will help broaden opportunities for incremental sales in the data capture market for both companies, as Hypercom will now be able to leverage Symbol's global sales channel.
Symbol will continue to support customers who have already deployed its PD8500 and PD4500 payment devices. Hypercom's Optimum L4100, L4105, L4200 and L4250 multi-lane payment terminals will be the first products resold by Symbol as the Symbol PD8700, PD8705 (in Canada only), PD4700 and PD4750 payment terminals, respectively.
"With Symbol Technologies' expansive customer base and worldwide presence, Hypercom gains unprecedented access to the multi-lane retail channel and increases our ability to provide our products to an even greater customer base," said William Keiper, Hypercom's president and chief executive officer. "Given the potential growth opportunities, we expect broader global placement of our multi-lane products, expansion of our worldwide footprint and significant increase in our market share."