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VeriFone buys 80% stake in Italy's ABS

04 October 2010  |  2218 views  |  0 Source: VeriFone

VeriFone Systems (NYSE:PAY) today announced it has acquired an 80 percent ownership of Italy integrator and software developer All Business Solutions (ABS) from ABS' founders and from ACI Informatica, which will retain a minority ownership share. Financial terms were not disclosed.

Building on its ABScard gateway and loyalty platform, ABS provides a single integrated technology platform and professional services for transaction-based applications including prepaid, loyalty, fare collection, ticketing, restaurant and others.

"ABS complements VeriFone's payment solutions and represents a profitable managed services model with a high proportion of recurring revenues," said Imanuel Baharier, General Manager of VeriFone Italy. "This acquisition enables VeriFone to serve key market segments in Italy with a complete end-to-end solution incorporating acceptance solutions at the point of sale, middleware and back-end software, and hosting services."

ABScard is a multichannel system capable of processing secure transactions from mobile phones and smart phones, self-service kiosks, web browsers and traditional POS devices. ABS has developed customer solutions in multiple markets, particularly banking, transportation and hospitality.

ACI Informatica is the IT body of ACI (Automobile Club d'Italia) Group. ABS provides the collection management solution for more than 1,500 locations reporting into the national car license system, which ACI Informatica manages.


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