terminals, has entered into an agreement to acquire Timecorp Systems, an Atlanta-based provider of time management software for employers. Timecorp's software tracks time and attendance, sales forecasting, forecasting of staffing needs, and staff scheduling, among other things. Timecorp's customer base includes the retail, restaurant, supermarket, petroleum/convenience store, and hospitality industries - many of the same groups to which Verifone sells its transaction processing systems. Under the terms of the agreement, Timecorp's outstanding stock will be exchanged for Verifone stock valued at approximately $8.6 million. The final exchange ratio will be determined in accordance with a formula based on the average price of Verifone stock during the 10 trading days prior to the closing of the acquisition. The acquisition is intended to be accounted for as a "pooling of interests." Verifone expects to incur, over the fourth quarter of 1995, one-time charges related to the acquisition, which it expects to range from $300,000 to $400,000. The acquisition is expected to be completed by the end of 1995. At that time, Timecorp will become a wholly owned subsidiary of Verifone.
Access to authoritative analysis and perspective and our data-driven report series.
No credit card required. Complete access to articles, breaking news and industry data.
Have an account? Sign In