SAN JOSE, Calif.--(BUSINESS WIRE)--VeriFone Systems, Inc. (NYSE: PAY), announced today that its Point Group has won its largest to date payments-as-a-service (PaaS) contract, with an agreement to supply Finland’s S Group a complete range of payments services in its 1,600 locations.
S Group is a renowned Finnish cooperative retail company group comprised by the SOK Corporation with its subsidiaries and 21 regional and 8 local cooperatives. With more than 2 million members and 40,000 employees, S Group spans market segments for grocery and consumer goods, petro service station and fuel, travel industry and hospitality business, automotive and accessories trade and the agricultural trade.
“VeriFone presented us with a superior payments solution that meets the diverse needs of our business units,” said Mika Arponen, senior manager and head of Payment Services with S Group. “The payment process is very critical to support our business process and continuity. Cooperation with VeriFone provides us the opportunity to offer our customers the future of new payment methods such as contactless and mobile payments.”
VeriFone will provide a comprehensive PaaS offering including software, estate management, maintenance, integration, security and gateway services. The agreement also included new payment systems that account for about 15 percent of the total contract value.
“S Group’s decision to choose Point over competitors reflects the value that our payment-as-a-service all-in-one model brings to the modern retail environment,” said Point CEO Johan Tjärnberg. “S Group is a tremendous co-op enterprise that reaches into virtually all aspects of retail commerce in Finland, as well as into neighboring countries, and we look forward to working with them to modernize payment across their many businesses.”
Point will provide S Group with a range of stand-alone, portable and unattended payment systems in food market checkout lanes, restaurants, retail gasoline outlets and pumps, and other locations. Deployments will begin this year with the majority of systems being installed in 2013 and completion scheduled in 2014.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc. This press release includes certain forward-looking statements related to VeriFone Systems, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on VeriFone management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc. These risks and uncertainties include: our ability to successfully deliver payment services to the S Group, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. VeriFone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About VeriFone Systems, Inc. (www.verifone.com)
VeriFone Systems, Inc. (“VeriFone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.