VeriFone Acquires Global Bay
Will expand retail mobility strategy
SAN JOSE, Calif. -- VeriFone Systems Inc. has announced that it has acquired Global Bay Mobile Technologies, a provider of next-generation mobile retail solutions. The acquisition is the latest development in VeriFone's strategy to bring the power of mobile into the world of retail and payments, extending new smartphone- and tablet-based shopping and payment experiences to retail organizations.
Terms of the transaction, which closed effective today, were not disclosed.
"Global Bay's mobile retail applications complement our vision to deliver rich commerce solutions that open up new opportunities for merchants to engage their customers in deeper, more meaningful ways that will generate increased profitability and shopper loyalty," said Jennifer Miles, VeriFone executive vice president of North America. "Retailers and consumers can continue to look to VeriFone to provide the most sophisticated and secure commerce experiences."
Global Bay has worked with retailers across North America, Europe and Asia to increase sales and improve customer satisfaction with mobile applications that leverage existing point-of-sale (POS), e-commerce and traditional store systems. Global Bay's technology, coupled with VeriFone's secure mobile payment technology, offers the retailer a comprehensive and integrated suite of mobile applications. These applications include Mobile POS, Clienteling and Store Inventory Management.
South Plainfield, N.J.-based Global Bay was co-founded by Sandeep Bhanote and Nimit Sabharwal and has established a leadership position in retail mobility. Bhanote, CEO of Global Bay, has been appointed general manager of VeriFone's Mobile Retail Systems business. Sabharwal, Global Bay vice president, has been appointed senior director of operations. Global Bay's entire management, technology, sales and support staff will continue in their present roles within this division.
"VeriFone understands the profound and transformative impact that mobile technology will have on the future of retail," said Bhanote. "Together we will maximize delivery of cutting edge mobile solutions that will change the face of retailing as we know it."
The integrated VeriFone and Global Bay platform extends beyond payments to offer a complete set of new mobile retail applications. Retailers will be able to quickly deploy these solutions, accelerating time to market and return on investment. These mobile applications can be deployed on a variety of supported mobile devices, including smartphones, tablets and traditional ruggedized devices. The platform includes mobile user interface management, local data storage, the synchronization of data and application updates and the integration to many of the most common back end systems retailers deploy including Oracle, Epicor, SAP IBM and more.
San Jose, Calif.-based VeriFone is a global leader in secure electronic payment solutions. It 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.