VeriFone Completes Lipman Acquisition
VeriFone completed its USD793 million acquisition of Israeli point-of-sale systems vendor Lipman Electronic Engineering on November 1. The acquisition was originally announced in April 2006.
Douglas G. Bergeron, VeriFone's Chairman and CEO, says in a statement that the two companies operate in complementary geographical areas and are combining to form a global payments technology industry leader. VeriFone also says it has made several appointments to its executive management team. Isaac Angel, former Lipman CEO, becomes executive vice president of operations. David Turnbull has been named global head of R&D, while Jesse Adams has been appointed vice chairman. William Atkinson has been named executive vice president, Payment Systems. Rosh Haayin, Israel-based Lipman produces handheld, wireless and landline POS systems under the NURIT brand name, as well as retail ATMs, PINpads and smart card readers. It also develops transaction processing software and offers services such as on-site or call-center support and remote terminal management. VeriFone will continue investing in NURIT following its acquisition of Lipman, and will retain Lipman's Israeli manufacturing base. "VeriFone is committed to continuing and expanding the NURIT product family, offering our customers around the world the flexibility to maintain and enhance their installed base of systems with a lower total cost of ownership," a VeriFone spokesperson tells epaynews. "Lipman's in-house manufacturing capabilities will complement the VeriFone model, which is based on contract electronics manufacturing services. This provides us with a best-of-both-worlds situation where we can leverage both unprecedented scale and increased flexibility in our manufacturing operations." Related Links
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