VeriFone Systems, Inc. (NYSE: PAY), today announced it has acquired Global Bay Mobile Technologies, a leading provider of next-generation mobile retail solutions.
The acquisition is the latest development in VeriFone's strategy to bring the power of mobile into the world of retail and payments, extending new smartphone- and tablet-based shopping and payment experiences to retail organizations. Terms of the transaction, which closed effective today, were not disclosed.
"Global Bay's mobile retail applications complement our vision to deliver rich commerce solutions that open up new opportunities for merchants to engage their customers in deeper, more meaningful ways that will generate increased profitability and shopper loyalty," said Jennifer Miles, VeriFone executive vice president, North America. "Retailers and consumers can continue to look to VeriFone to provide the most sophisticated and secure commerce experiences."
Global Bay has worked with retailers across North America, Europe and Asia to increase sales and improve customer satisfaction with mobile applications that leverage existing POS, e-commerce, and traditional store systems. Global Bay's technology, coupled with VeriFone's secure mobile payment technology, offers the retailer an unparalleled comprehensive and integrated suite of mobile applications that will transform the in-store retail experience. These applications include Mobile POS, Clienteling, and Store Inventory Management.
Global Bay was co-founded by Sandeep Bhanote and Nimit Sabharwal and has established a leadership position in retail mobility. Bhanote, CEO of Global Bay, has been appointed general manager of VeriFone's Mobile Retail Systems business. Sabharwal, Global Bay vice president, has been appointed senior director of operations. Global Bay's entire management, technology, sales and support staff will continue in their present roles within this division.
"VeriFone understands the profound and transformative impact that mobile technology will have on the future of retail," said Bhanote. "Together we will maximize delivery of cutting edge mobile solutions that will change the face of retailing as we know it."