Private equity company Francisco Partners is set to buy US-based point of sales (POS) payments firm Verifone for $3.4bn in a deal backed by Canada’s British Columbia Investment Management Company. Verifone’s board has accepted the takeover offer but wants to hear from other possible bidders before making a final decision. Verifone wants to grow from being a terminal provider for customers to being their commerce partner. It has 30 million POS payment devices at more than 150 companies. The acquisition will give Francisco and its investors access to Verifax’s customer base which includes banks such as Bank of America Merrill Lynch, JPMorgan Chase & Co
Private equity company Francisco Partners is set to buy US-based point of sales (POS) payments firm Verifone for $3.4bn in a deal backed by Canada’s British Columbia Investment Management Company. Verifone’s board has accepted the takeover offer but wants to hear from other possible bidders before making a final decision. Verifone wants to grow from being a terminal provider for customers to being their commerce partner. It has 30 million POS payment devices at more than 150 companies. The deal is likely to spark speculation about the future of rival terminal manufacturer Ingenico as the POS market matures.