VeriFone Completes Acquisition of Point

Jan. 9, 2012

San Jose, Calif.-based VeriFone Systems Inc. has completed its acquisition of Point, a European provider of e-commerce processing and gateway services. VeriFone said it intends to extend the Point platform throughout Northern Europe and beyond, with the aim of creating the world’s largest infrastructure for rapid deployment of alternative payments and NFC mobile commerce. “This acquisition supports our vision of offering retailers everywhere a managed service to easily accept all existing payment types, including the evolving alternative and mobile payment methods being offered by traditional card brands and new entrants such as Google, PayPal, Groupon and Isis,” said VeriFone CEO Douglas G. Bergeron. “The new entrants can take advantage of easy and accelerated access to VeriFone’s worldwide installation of more than 20 million merchant lanes.” VeriFone said in November that it would buy Stockhom-based Point from Nordic Capital Fund V for about 600 million euros ($763.38 million). Point, based in Stockholm, has operations in 11 European countries and said it serves a captive network encompassing almost 475,000 merchant contracts.