Hypercom Corporation announced that it has executed a share purchase agreement with Thales SA to purchase its e-Transactions business, in accordance with the binding offer it made in December of 2007. The transaction is expected to close by March 31, 2008.
The acquisition will provide Hypercom with the capabilities in Europe that it has been seeking, and make Hypercom a much more formidable global competitor.
In connection with this announcement, Norman Stout , Chairman of Hypercom, said, "After discussions with Ingenico throughout the day yesterday and further correspondence today, it became clear there was no path acceptable to the parties to pursue a transaction between Hypercom and Ingenico at this time. Accordingly, our Board determined to move forward with the e-Transactions purchase, which provides our shareholders with substantial certainty of close, increased scale, and enhanced product and service capabilities."
"This acquisition will add to our already exceptional product line, significantly strengthen our footprint in Western Europe, provide additional talented people to our global team, increase our economies of scale, deepen and diversify our R&D efforts and accelerate our ability to more quickly build market share," said Philippe Tartavull , Chief Executive Officer and President, Hypercom Corporation.
Global payment technology leader Hypercom Corporation delivers a full suite of high security, end-to-end electronic payment products and services. The Company's solutions address the high security electronic transaction needs of banks and other financial institutions, processors, large scale retailers, smaller merchants, quick service restaurants, and users in the transportation, healthcare, prepaid, unattended and many other markets. Hypercom solutions enable businesses in more than 100 countries to securely expand their revenues and profits. (www.hypercom.com)