VeriFone Systems Inc. has purchased a majority stake in All Business Solutions, an Italian payments software developer.
All Business Solutions operates ABScard, an online payment gateway and loyalty processing system that processes transactions from mobile phones, unattended kiosks, Web browsers and point of sale terminals, VeriFone said.
The acquisition will help the San Jose terminal maker expand in Italy. "ABS complements VeriFone's payment solutions and represents a profitable managed services model with a high proportion of recurring revenues," Imanuel Baharier, general manager of VeriFone Italy, said in a press release Monday. "This acquisition enables VeriFone to serve key market segments in Italy with a complete end-to-end solution incorporating acceptance solutions at the point of sale, middleware and back-end software and hosting services."
VeriFone purchased the stake from ABS' founders, and ACI Informatica, the technology unit of Automobile Club d'Italia Group, which keeps a minority ownership.