VeriFone Systems Inc. has completed the acquisition of Point, Northern Europe’s largest provider of payment and gateway services for retailers, the terminal maker announced Jan. 3.
San Jose, Calif.-based VeriFone first announced its intention to purchase Point in November as a key to developing its alternative payments and Near Field Communication mobile commerce offerings (
“This acquisition supports our vision of offering retailers everywhere a managed service to easily accept all existing payment types, including the evolving alternative and mobile payment methods being offered by traditional card brands and new entrants such as Google, PayPal, Groupon and Isis,” VeriFone CEO Douglas G. Bergeron stated in a press release. “The new entrants can take advantage of easy and accelerated access to VeriFone’s worldwide installation of more than 20 million merchant lanes.”
Point will operate as a VeriFone company, VeriFone stated.
To finance the Point acquisition and refinance existing debt, VeriFone has executed a credit agreement for $1.5 billion led by J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Inc., Wells Fargo Securities LLC, Barclays Capital and RBC Capital Markets.
Based in Stockholm, Point has operations in 11 European countries and serves a network of nearly 475,000 merchant contracts, according to the VeriFone release. Point offers retailers a full range of multi-channel services and solutions, including point-of-sale technology and support, gateway services, card encryption services, and e-commerce processing.
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