VeriFone acquires majority stake in ABS

VeriFone take on an 80% stake of the Italy-based integrator and software developer company All Busin

VeriFone Systems has acquired 80% ownership stake in Italy-based integrator and software developer company All Business Solutions (ABS) from ABS' founders and from ACI Informatica, which will retain a minority ownership share.

ABS is a provider of a single integrated technology platform and professional services for transaction-based applications including prepaid, loyalty, fare collection, ticketing, restaurant and others.

Verifone said that the acquisition of ABS enables it to serve key market segments in Italy with an efficient offering incorporating acceptance solutions at the point of sale, middleware and back-end software, and hosting services.

VeriFone Italy general manager Imanuel Baharier said, ABS complements the company's payment offerings and represents a profitable managed services model with a high proportion of recurring revenues.

The financial terms were not disclosed.