San Mateo, Calif./Dublin, Ireland - November 13, 2001 - Trintech (NASDAQ: TTPA; Neuer Markt: TTP), a global provider of secure payment infrastructure solutions, announced today that it has acquired VeriFone's ePS product line, which provides payment switching, prepaid and Internet functionality, and an installed base of more than 35 customers. VeriFone Inc. is a leading worldwide provider of POS solutions.
As part of the agreement, Trintech has acquired the ePS product line and associated assets, including the source code to all releases of all related products and technologies, as well as all existing ePS customers for a purchase price of $3.3 million. The VeriFone ePS product line is a complete eCommerce payment management solution aimed at large retailers, financial institutions, network operators and other multiple service providers.
"We are delighted with today's announcement of the acquisition of VeriFone's secure payment infrastructure technology and associated customer base," said John McGuire, Chief Executive Officer of Trintech. "VeriFone has a long and distinguished history in the payments industry.
The ePS technologies will be a natural fit within Trintech's already robust set of products in the PayWare suite. There are excellent synergies between our companies' payment technologies and this acquisition will deliver substantial benefits to our newly acquired customer base. The benefits to these customers will be realized in terms of enhanced product development and global service improvements."
Mr. McGuire added: "The acquisition of VeriFone's installed customer base of over 35 customers provides us with a great opportunity to broaden our market presence and cross sell existing Trintech technology. With the acquisition of ePS we are reinforcing our leadership position in the consolidating electronic payment sector."
Trintech and VeriFone are working diligently to effect a seamless transition of VeriFone's customer base and product support, ensuring that existing VeriFone customers continue to receive premier customer support globally. As part of the agreement, VeriFone is joining Trintech's PayWare Partner Program as a reseller of PayWare Products to ensure there is an integrated working relationship between the two companies.
"Both VeriFone and Trintech are reinforcing their core competencies with this strategic sale," said Douglas Bergeron, Chief Executive Officer of VeriFone. "VeriFone is aggressively focused on enhancing POS payment solutions for our broad customer base in financial, retail, multi-lane retail, government and petroleum/convenience stores worldwide."
The addition of ePS to Trintech's PayWare suite of products will significantly reduce the investment and time to market for features Trintech's customers are requesting, including support for Gift Cards, enhanced prepayment options, and check authorization.
The ePS Product Range
VeriFone's ePS 5.1 (upgraded solution) includes the following modules:
… ePS Credit, Debit Authorization
… ePS Credit and Debit Issuer, and Private Label Interface
… Gift Cards
… ePS Check Authorization
… ePS Draft Capture and Settlement
… ePS Voucher Activation