SAN JOSE, Calif. -- Verifone has signed an agreement to acquire AJB Software Design, Inc., a Toronto-based provider of payment gateway and switching solutions for large merchants in the United States and Canada.
Approximately 150 large retailers in the United States and Canada use AJB’s on-premise gateway and other solutions to connect nearly a half million payment devices. AJB connects devices from Verifone and other providers to more than 100 processors and applications—such as government benefits, stored value cards and fleet cards—required by supermarkets, convenience stores and other merchants.
Acquiring AJB will better enable Verifone and its partners, such as independent software vendors (ISVs) and acquirers, to deliver payment and commerce services that meet merchants’ demands for additional simplicity, security, flexibility and functionality.
“Merging AJB’s solutions and expertise with Verifone’s breadth of services and systems expertise will provide retailers multiple options to better manage and secure their payment infrastructure and provide more value to customers,” said Jennifer Miles, president of North America for Verifone. “And, our partners will be able to provide this remarkable level of flexibility and functionality to their clients, as well.”
AJB will extend Verifone’s services with a solution certified by major Canadian banks and processors for Europay MasterCard and Visa (EMV) acceptance; support for Verifone and non-Verifone devices, increasing merchants’ ability to manage and seamlessly expand their payments systems; and the ability to offer merchants a number of subscription-based hosting options.
“Combining AJB’s offerings with Verifone’s services creates an unmatched set of hardware-neutral solutions—giving merchants the ability to select from a wider range of products that best meet their business requirements,” said AJB founder and president Naresh Bangia. “Ultimately, this enables AJB and Verifone clients to receive stronger value and support—all from a single vendor.”
The companies did not disclose the terms of the transaction, which is expected to close during the second quarter.
Founded in 1994, AJB has more than 140 global clients, and its software help connect the components required for real-time payment processing. AJB is a provider of payment-integration software solutions, with more than 20% of North America's Top 100 retailers and more than 10% of the top global retailers by sales volume, using AJB products and solutions.
San Jose, Calif.-based Verifone connects 27 million payment devices to the cloud—merging the online and in-store shopping experience and creating the next generation of digital engagement between merchants and consumers. The company has clients and partners in more than 150 countries, including well-known retail brands, financial institutions and payment providers.
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