VeriFone Systems (NYSE:PAY), today announced it has reached a definitive agreement to acquire Destiny Electronic Commerce (Pty) Ltd. (trading as CSC), a South Africa-based electronic payments solutions provider. Financial terms were not disclosed.
Headquartered in Johannesburg with offices in Cape Town and Durban, CSC is a leading provider of secure payment technologies, services and solutions at the point of sale for Sub-Saharan Africa and the Indian Ocean Islands. The acquisition is expected to close this summer following customary regulatory review.
"South Africa is a very attractive market for VeriFone as the country has a highly developed infrastructure but also has the growth potential of an emerging economy. This acquisition will provide a base on which to expand VeriFone's Africa business into the company's next $100 million market," said VeriFone CEO Douglas G. Bergeron.
"VeriFone is gaining a highly talented management team and 160 employees who possess payments expertise and proven skills," Bergeron said. "We are eager to complete the integration of CSC's operations into VeriFone."
Llewellyn Walters, CEO of Destiny Electronic Commerce (trading as CSC) said: "CSC is very excited and proud to become part of the growing VeriFone family. VeriFone's investment in South Africa and Africa via this acquisition is testimony to CSC's payment expertise and operational capability."
CSC supplies and supports payment systems for banking, retail and petroleum, providing value-added services, end-to-end estate management services and tools. CSC's EFTPOS development team provides a range of robust and reliable software applications that are adapted to ensure ongoing compliance with card industry specifications and standards.