VeriFone Buys Global Bay
- VeriFone expands its range of software and mobile retail activity through acquiring the US-based company Global Bay. The latter was created in 2002 and specialises in face-to-face and remote consumer/merchant interaction solutions.
- Global Bay proposes real-time catalogue apps and cash registering solutions for tablets. Salesmen can use these apps for in-store interaction with customers, in the aisles and while they are standing in line. VeriFone has also integrated its mag-stripe reader and plans to enable it for Chip & PIN as well as NFC contactless transactions. Finally, it also intends to add a barcode reader.
- Software represents a recurring source of revenue and is a promising diversification angle for the world leading terminal manufacturer. In August, VeriFone also confirmed having been granted authorisation to acquire Hypercom by the Department of Justice.
- It now pursues its strategic evolution through proposing software solutions and setting foot on the mobile payment sector. Global Bay’s know-how and platform provide VeriFone’s merchant customers with mobile interoperability. The aim is to make merchant’s mobile payment integration easier.
- Global Bay includes high margin retailers, for instance in the clothing industry (Aéropostale, Crocs, Timberland, etc.), in cosmetics (Estée Lauder) and multi-media publishing (Hallmark).