E-payments technology firm Verifone has signed a definitive agreement to acquire Go Software, a provider of point-of-sale payment processing software, from Georgia-based ROI Corporation for a total consideration of $15 million.
Under the deal VeriFone will pay $13 million in cash on closing and up to $2.0 million in contingent consideration, linked to the future business performance og Go Software through to June 2006.
Douglas Bergeron, chairman and CEO of VeriFone, says the acquisition is part of VeriFone's strategy to expand its payment systems footprint into other integrated point-of-sale environments.
"The increasing technology, especially security complexity at the point-of-sale offers a great opportunity for VeriFone to contribute to these product lines," adds Bergeron.
The acquisition, which is subject to ROI stockholder approval and other customary closing conditions, is expected to close in January 2005.