24 January 2018
visit www.ebaday.com

VeriFone buys assets of South Korea's Orange Logic

17 May 2010  |  2024 views  |  0 Source: VeriFone Holdings

VeriFone Holdings (NYSE: PAY) today announced that it is acquiring the assets of Orange Logic Ltd., a South Korean payment systems provider. Financial terms were not disclosed.

With the acquisition, VeriFone gains the people and infrastructure to introduce its secure electronic payment product line into the Republic of Korea, and an existing domestic product line and customer base. Although South Korea is second only to the U.S. market with more than 2.5 million deployed electronic payment systems, only 10%-15% of those meet government security requirements for compliance with the international EMV standard.

VeriFone CEO Douglas G. Bergeron said: "We see great potential in the growing South Korean market and are optimistic about the high growth potential for the transition to mandated EMV solutions. In addition to generating immediate revenue from Orange Logic's certified and customized products, VeriFone is acquiring a strong foundation of development, operations, service, and sales resources on which to expand our global product line into this large market."

Orange Logic was founded in 2004 and has primarily been supplying electronic payment devices to distinguished customers in the South Korean retail and banking segments.

Effective immediately, Orange Logic will operate as VeriFone Korea and will continue to manufacture the existing Orange Logic product family. VeriFone is now the only global payments solutions provider with a physical presence in South Korea. The acquisition is expected to expedite the certification and availability in South Korea of VeriFone's recently announced VX Evolution systems, which will provide Korean processors with greater options to meet EMV mandates.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.ebaday.comvisit www.thomsonreuters.info

Top topics

Most viewed Most shared
Banks shift priorities toward growth, digitisation and innovation - surveyBanks shift priorities toward growth, digi...
9775 views comments | 38 tweets | 48 linkedin
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
9481 views comments | 14 tweets | 14 linkedin
Sbanken opens developer portal and invites customers to build their own digital bankSbanken opens developer portal and invites...
8515 views comments | 17 tweets | 11 linkedin
Metro Bank joins digital revolution with instant online account openingMetro Bank joins digital revolution with i...
7033 views comments | 13 tweets | 25 linkedin
Could distributed ledgers restore the reputation of the MBS market?Could distributed ledgers restore the repu...
7015 views comments | 6 tweets | 9 linkedin

Featured job

Competitive base + commission + benefits
UK or Germany

Find your next job