VeriFone Buys South Korean Payment Systems Firm
VeriFone Holdings has acquired the assets of Orange Logic, a South Korean payment systems provider.
With the acquisition, VeriFone gains the people and infrastructure to introduce its electronic payment product line into Korea, and an existing domestic product line and customer base. Although South Korea is second only to the US market with more than 2.5 million deployed electronic payment systems, only 10%-15% of those meet government security requirements for compliance with the international EMV standard.
VeriFone chief executive officer (CEO) Douglas Bergeron said: “We see great potential in the growing South Korean market and are optimistic about the high growth potential for the transition to mandated EMV solutions. In addition to generating immediate revenue from Orange Logic’s certified and customised products, VeriFone is acquiring a strong foundation of development, operations, service, and sales resources on which to expand our global product line into this large market.”
Orange Logic will operate as VeriFone Korea and will continue to manufacture the existing Orange Logic product family.