Hypercom Corporation (NYSE: HYC) today announced that it recently completed the acquisition of the technology and assets of TPI Software, a leading provider of PC and enterprise server-based credit/debit/gift card, EBT, ACH and electronic check processing software.
The acquisition is expected to expand Hypercom's offerings and capabilities in the point-of-sale marketplace and to provide a platform for future growth in software-based services.
The acquisition of TPI Software broadens Hypercom's customer base and enables the generation of new revenue streams by addressing the technology requirements of, and rising market interest in, a converged payment infrastructure that places electronic payment functionality on PC-based cash registers.
"TPI's SmartPayments technology and software allows Hypercom to provide a world-class offering that satisfies the needs of merchants who prefer to integrate electronic transaction and peripherals into their PC-based point-of-sale systems. We believe that this acquisition will speed adoption of Hypercom's multi-lane terminals in new markets and allow us to broaden our solution sales," said William Keiper, Hypercom President and CEO. "We like TPI's capabilities and their people, and envision software and services extended beyond their present offerings. TPI is yet another element in our strategy to grow our services and software businesses and revenues globally."
Bill Pittman, TPI Principal and Co-Founder, added, "We are excited to join the Hypercom team. TPI's innovative solutions combined with Hypercom's brand, payment products, excellent services, strong client relationships and resources to fuel growth will provide compelling solutions for the global marketplace."
John Andrews, Hypercom Senior Vice President, Global Services, commented, "TPI's SmartPayments offerings address growing needs we see in the market every day including client-side software that adds electronic transaction capabilities to PC-based point-of-sale systems and allows those systems to interface with card readers, PIN pads and other POS peripheral devices. TPI solutions also address the electronic transaction requirements of small retailers, corporate headquarters of multi-store operations, and data centerss that process payments for multiple businesses through server-side enterprise software."
The SmartPayments family of products will be available from Hypercom and its distributors and business partners worldwide. Financial details were not disclosed.