Verifone (PAY) announced today that it has signed an agreement to acquire InterCard AG, a leading Payment as a Service provider in Germany.
“This announcement reaffirms our commitment to meeting the needs of our retail clients who are increasingly seeking new services and assistance as they grow across Europe. The acquisition of InterCard will provide retailers with access to a fuller suite of payment acceptance services across the continent,” said June Felix, President Verifone Europe.
InterCard, based in Munich, is a family-owned business that was founded in 1992. For more than 20 years, the company has provided a full suite of payment services including terminal sales and leasing, field support services such as helpdesk, installation and maintenance as well as gateway services, such as transaction routing. The combination of Verifone and InterCard in Germany creates a point of sale terminal and multichannel Payment as a Service provider capable of offering merchants secure, simple and innovative end-to-end payment and commerce solutions.
“As the German market continues to evolve toward accepting more forms of cashless payment, Verifone anticipates growing demand from its customers for a partner capable of helping merchants and financial institutions quickly adapt, reducing the complexity of managing their payment environments, and better leveraging their point of sale investments to engage consumers and grow sales,” said Markus Hoevekamp, General Manager, Verifone Germany. “InterCard is a long-time Verifone partner and an outstanding organization, with a strong management team that is known for delivering exceptional client service.”
“Together with Verifone, InterCard’s customers will now benefit from further improvements to our service offering and by future innovation,” said Kai Adolph, CEO InterCard AG. “Furthermore, as the market continues to grow and expand across geographical boundaries, our clients are looking for a partner who can support them seamlessly across countries and across continents. Verifone has been a trusted partner of InterCard for years and has broad global distribution, an international client base, and a brand that is known for security and reliability. We’re excited about the benefits of joining the Verifone team, and the value this will bring to our clients’ ambitions.”
Terms of the deal are not disclosed. Closure is dependent on the approval of the German Federal Financial Supervisory Authority, BaFin, and the German Federal Cartel Office, Bundeskartellamt. Verifone will provide additional information regarding the pending acquisition on the company’s upcoming Q4 FY15 Earnings call on Dec. 14, 2015 at 1:30 p.m. Pacific Time.