Equinox Payments, LLC, a leading high security electronic transactions solutions provider and a portfolio company of The Gores Group, LLC, today announced that Mr. Patrick Hazel has been named Chairman and Chief Executive Officer of the company.
Mr. Hazel has been a member of the Equinox Board of Directors since November 2011.
"I am especially appreciative of The Gores Group commitment to build a major payments brand. Equinox is well positioned to continue to take share as a result of its leading products and innovative services," said Mr. Hazel. "During the next era of this dynamic sector, Equinox intends to provide access and opportunity for customers and partners to take full advantage of the coming convergence of payments and merchandising."
Equinox Payment Systems is an entity formed by The Gores Group to grow the North American assets of the former Hypercom which were spun out during the anti-trust settlement between the U.S. Department of Justice and VeriFone. Equinox is currently the second largest provider of payment acceptance devices to the U.S. market.
Mr. Hazel was previously the President and Chief Executive Officer of Semtek Corporation, a security technology firm acquired by VeriFone in 2010 that has since become the leading provider of end-to-end security in the card-payments sector.
Ryan Wald, Managing Director of The Gores Group, commented that "We believe Equinox is ideally positioned as the solution of choice to large retailers and payment processors as they seek a partner to grow and innovate alongside them. We are enthusiastic about Mr. Hazel's appointment and the unique insight he brings to the industry."
Clint Jones, President of Equinox Payments, added, "Patrick Hazel has been a very effective force in re-positioning Equinox since its purchase by The Gores Group. We are all looking forward to his leadership as we move rapidly toward our future as a key payments industry enabler."