VeriFone Holdings (NYSE: PAY), today announced it has acquired the remaining minority interest in VeriFone Transportation Systems and aligned all VTS operations within VeriFone's Integrated Systems organization. Financial terms were not disclosed.
VTS was formed as a joint venture with TaxiTronic, Inc., in 2005, for the purpose of equipping taxis with integrated fleet management and customer payment systems. Acquiring the remaining minority interest in VTS allows VeriFone to further drive the rapid adoption of the payment systems within the transportation segment, particularly in international markets.
The Integrated Solutions organization will advance VeriFone's development and implementation of integrated solutions for transportation and a strategy of driving payment solutions and transactions as well as advertising sales by the recently formed VeriFone Media Solutions group.
Amos Tamam, the former CEO of VTS, has been named senior vice president, Taxi Systems, with responsibility for expanding taxi solutions sales throughout the U.S. and internationally in key markets including London, South Africa and Bermuda.