E-payments solutions provider VeriFone is set
to acquire a South Africa-based rival Destiny Electronic
Commerce, currently trading as CSC.
CSC provides secure payment technologies,
services and solutions at the point-of-sale for Sub-Saharan Africa
and the Indian Ocean Islands.
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VeriFone’s acquisition is expected to close
during the summer months of 2011 following a customary regulatory
review.
“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,” said Douglas
G. Bergeron.
“This acquisition will provide a base on which
to expand VeriFone’s Africa business into the company’s next $100
million market.”
The financial terms of the deal were not
disclosed.
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