JSE-listed secure electronic transaction technology and security group, Prism Holdings, has acquired VeriFone South Africa, a division of Hewlett-Packard Company and a leading global provider of secure electronic-payment solutions for financial institutions, merchants and consumers, for an undisclosed amount.
The deal, effective today (19 March 2001) will allow current and potential customers a single interface and channel to VeriFone payment solutions.
VeriFone`s solutions include a variety of point-of-sale (POS) payment appliances, software and management tools; integrated POS payment software; Internet payment software; enterprise payment processing and mobile solutions.
According to Prism Group marketing director, Duncan Todd, the acquisition will give VeriFone users a more intimate, direct and localised relationship with the organisation - Prism - which adds software to the hardware and provides local integration and support expertise.
"In addition, Prism will take direct responsibility for VeriFone users in SA, strengthening our relationship with the user, and VeriFone itself with whom we are expanding our relationship from a pure Value Added Reseller (VAR) channel player to a software supplier. "This `two-way` VAR relationship will extend the reach of our own software developments through VeriFone`s global VAR reach using software sourced from the original equipment manufacturer.
"In return for the additional responsibility, Prism hopes to earn a stronger VAR margin reflecting the value VeriFone sees in exploiting Prism`s on-the-ground sales, marketing, support and administration capabilities and infrastructure," Todd explains.
An added benefit to Prism will be gaining access to and serving the existing customer and wider prospect base VeriFone has developed.
"We are pleased that we have been able to extend our Prism relationship with such an agreement. This deal reflects a maturing relationship with a SA partner who can add substantial value to the VeriFone product range both in SA and ultimately into wider geographies," says Llewellyn Walters, previously general manager of VeriFone South Africa and now regional sales manager of VeriFone in Europe, Middle East and Africa (EMEA).
VeriFone`s South African staff have all been retained and are employed by Prism in their respective areas of expertise with immediate effect.
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