Hypercom Corp. has agreed to create a joint venture with McDonnell Group LLC to provide processors, financial companies and retailers globally with data communication services for payments applications.
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The venture, Phoenix Managed Networks LLC, will acquire and run Hypercom's HBNet transaction-transport business, Hypercom said last week.
McDonnell Group is a technology-focused investment fund managed by Jack McDonnell, who will be the chief executive of Phoenix Managed Networks.
McDonnell also is the founder and former chairman and CEO of Transaction Network Services Inc., a Reston, Va., provider of data communication services.
