REDWOOD CITY, Calif-- Verifone Inc., the leading provider of credit card authorization terminals, said it will acquire the portion it does not already own of its leasing affiliate, Verifone Finance.
The finance company is currently privately controlled, with Verifone Inc: owning 49%. Subject to execution of a definitive agreement and regulatory review, Verifone Inc. expects to have 100% ownership by the summer. Terms were not disclosed.
Verifone said the finance arm has been contributing a steadily increasing proportion of net revenues over the last six years. As of Dec. 31,400,000 Verifone systems installed with more than 800 active accounts were generating monthly finance or lease income.
Verifone, which has 3.5 million systems installed worldwide, said the finance company will also become active outside the U.S.
The briefs were compiled from staff and wire reports.