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Based in San Jose, California, VeriFone Holdings, Inc. (PAY), provides solutions for electronic payment systems. The company was incorporated in 1981. VeriFone became a publicly traded company in 1990 and was acquired by Hewlett-Packard in 1997. In July 2001, Hewlett-Packard sold VeriFone, Inc. to Gores Technology Group, LLC, a privately held acquisition and investment management firm. In July 2002, the Chief Executive Officer (CEO) Douglas G. Bergeron with certain investment funds affiliated to GTCR, a private equity firm, led a recapitalization process. Under this recapitalization process, VeriFone Holdings, Inc. was organized as a holding company for VeriFone, Inc., and GTCR-affiliated funds became the major stockholder of the company. The company completed its initial public offering in May 4, 2005. In 2006, VeriFone Holdings, Inc. acquired Lipman Electronic Engineering Ltd ("Lipman") for a purchase price of $801.0 million and the company issued 13.4 million shares in connection with the acquisition.
VeriFone Holdings, Inc. designs, markets, and services transaction automation system that facilitates electronic payments between consumers, merchants, and financial institutions. The electronic payment system solutions provided by the company can accept magnetic, smart card and radio frequency identification cards, support credit, debit, check, and electronic benefits transfer, along with a range of pre-paid products such as gift cards and loyalty programs. The company also offers a line of wireless system solutions that support IP-based CDMA, GPRS, and Wi-Fi technologies for connectivity a family of products for petroleum companies, such as integrated electronic payment systems that combine card processing, fuel dispensing, and Electronic Cash Register (ECR) functions, and payment systems for integration with petroleum pump controllers. In addition, the company provides server-based transaction products that enable merchants to integrate payment functionality into PC-based electronic systems. The customers for the company include global financial institutions, payment processors, petroleum companies, large retailers, government organizations and healthcare companies, as well as independent sales organizations (ISOs).
The company reports for its operations in two segments Systems Solutions and Services. Systems Solutions consists of operations related to the sale of electronic payment systems solutions that enable electronic transactions while Services segment include warranty and support services and customer specific application development processes. In fiscal 2006, Systems Solutions generated 89.0% of total revenues while Services contributed the remaining 11.0%. On a geographical basis, the company operates in two segments North America and International. North America consists of operations in the U.S. and Canada while International segment represents operations in all other countries. North America accounted for 57.3% of total revenues in fiscal 2007 while International operations generated 42.7%.
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