VeriFone Holdings Inc. said Monday it bought the remaining minority interest in a joint venture it formed in 2005 that provides card readers for taxicabs.
As part of the deal, for which financial terms were not disclosed, VeriFone Transportation Systems has become part of the San Jose payment terminal provider's integrated systems business.
Amos Tamam, former chief executive of the joint venture, has been named senior vice president of taxi systems and will focus on growing VeriFone's customer base domestically and in London, South Africa, Bermuda and other international markets, the company said.
VeriFone Transportation Systems originally was formed as a joint venture with cab equipment provider TaxiTronic Inc. to sell readers that allow taxi drivers to accept both contactless and magnetic stripe card payments.
The acquisition, which closed March 31, will help VeriFone focus on expanding adoption of the payment equipment in the transportation sector, the company said.