VeriFone Systems to acquire Destiny Electronic Commerce
VeriFone Systems has agreed to acquire Destiny Electronic Commerce, a South Africa-based electronic payments solutions provider.
Headquartered in Johannesburg with offices in Cape Town and Durban, Destiny Electronic Commerce provides secure payment technologies, services and solutions at the point of sale for Sub-Saharan Africa and the Indian Ocean Islands.
Destiny Electronic Commerce supplies and supports payment systems for banking, retail and petroleum, providing value-added services, estate management services and tools.
CSC's EFTPOS development team provides a range of software applications that are adapted to ensure ongoing compliance with card industry specifications and standards.
VeriFone CEO Douglas Bergeron said South Africa is a very attractive market for VeriFone as the country has a highly developed infrastructure but also has the growth potential of an emerging economy. This acquisition will provide a base on which to expand VeriFone's Africa business into the company's next $100m market.
Financial terms were not disclosed.
The acquisition is expected to close this summer following customary regulatory review.
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