Verifone (NYSE: PAY) today announced it has signed an agreement to acquire AJB Software Design, Inc., a Toronto-based provider of payment gateway and switching solutions for large merchants in the U.S. and Canada.
A COMPLETE END-TO-END SOLUTION FOR RETAILERS
Approximately 150 large retailers in the U.S. and Canada rely on AJB’s on-premise gateway and other solutions to connect nearly a half million payment devices. AJB connects devices from Verifone and other providers to more than 100 processors and applications – such as government benefits, stored value cards, and fleet cards – required by supermarkets, c-stores and other merchants. Acquiring AJB will better enable Verifone and its partners (such as ISVs and acquirers) to deliver payment and commerce services that meet merchants’ demands for additional simplicity, security, flexibility and functionality.
“Merging AJB’s solutions and expertise with Verifone’s breadth of services and systems expertise will provide retailers multiple options to better manage and secure their payment infrastructure and provide more value to customers,” said Jennifer Miles, President of North America for Verifone. “And, our partners will be able to provide this remarkable level of flexibility and functionality to their clients as well.”
Additionally, AJB will extend Verifone’s services with:
- A solution certified by major Canadian banks and processors for EMV acceptance.
- Support for Verifone and non-Verifone devices—increasing merchants’ ability to manage and seamlessly expand their payments systems.
- The ability to offer merchants a number of subscription-based hosting options.
“Combining AJB’s offerings with Verifone’s services creates an unmatched set of hardware-neutral solutions—giving merchants the ability to select from a wider range of products that best meet their business requirements,” said AJB founder and president, Naresh Bangia. “Ultimately, this enables AJB and Verifone clients to receive stronger value and support—all from a single vendor.”
Terms of the transaction, which is expected to close during Q2 FY16, were not disclosed. Verifone will provide additional information regarding the acquisition on the company’s Q1 FY16 earnings call.
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