VeriFone Systems, Inc., a worldwide leader of secure payment services to businesses, today announced that it has bought WAY Systems, Inc, a company that manufactures mobile point-of-sales terminal and gateway solutions for merchant. According to VeriFone, the acquisition will not affect the company’s 2010 financials. The pricing detail of the transaction is an upfront payment of $6 million and then an additional $3 million within one year.
It took WAY Systems about 5 years in the payment processing business to build a customer base of more than 26,000 businesses that are utilizing their mobile terminals and gateway products. VeriFone will be taking control over customer support services for WAY System’s customers and will be adding them to their PAYware Connect Gateway platform. VeriFone will also offer WAY System’s 24/7 support to all customers currently using their mobile services.
WAY has developed many relationships with resellers and has intellectual property rights and several patents in Europe, U.S. and China that will help take VeriFone’s mobile platform to the next level. One of the substantial patents WAY has been granted has to do with how the mag-stripe reader connects to mobile phones and other mobile device.
Jeff Dumbrell, the executive vice president of VeriFone, was glad that they have added WAY Systems employees and customers as part of VeriFone.