VeriFone Buys Trintech Unit

The deal is worth about $12 million.
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VeriFone Holdings

(PAY)

agreed to buy the payment-systems business of

Trintech Group

(TTPA)

in a $12.1 million all-cash transaction.

The acquisition includes a range of payment systems that will support and extend VeriFone's offerings for merchants and financial institutions. VeriFone will take over distribution of the products and provide existing customers with service and support.

"The acquisition continues VeriFone's expansion into new growth markets," said VeriFone Chairman and CEO Douglas Bergeron. "Trintech built a track record of innovation and leadership in unattended payment systems and EFT software. The acquisition of Trintech's payment business and its strong customer relationships will further enhance VeriFone's leadership in the growing and ever-changing electronic payments business."

VeriFone said it should close the deal by the end of the month.