Hypercom

Hypercom was an Australian company which was a pioneer of electronic payment processing hardware and software. It was acquired by rival VeriFone in 2011.

Hypercom Corporation
TypePublic
NYSE: HYC
FateAcquired by Verifone
FoundedAustralia, (1978 (1978))
FounderGeorge Wallner
Defunct2011
Headquarters
Scottsdale, Arizona
,
United States
Key people
Norman Stout, Chairman; Philippe Tartavull, CEO & President
ProductsPayment terminals
Websitewww.hypercom.com

History

Hypercom was founded by Hungarian born George Wallner, David Saul and Leslie Fritz in Sydney Australia in 1978. It went on to dominate the south pacific region in terms of payment terminals. In 1988 the company signed a deal with American Express to provide its terminals to them in the US. To consolidate the deal, Hypercom moved its head office from Australia to Arizona in the US. It then faced head to head competition with VeriFone on its home market.[1]

On April 4, 2011, Ingenico announced its agreement to acquire Hypercom's U.S. Payment Systems Business prior to the close of the VeriFone acquisition [2] On the same day it announced that its UK and Spanish operations would be sold separately to a private investment company and this business was renamed as Spire Payments.[3]

On May 12, 2011, The Department of Justice filed a civil antitrust lawsuit to block the proposed acquisition of Hypercom by VeriFone saying the planned sale of Hypercom's U.S. POS terminal business to Ingenico does not resolve the antitrust concerns [4]

On August 4, 2011, VeriFone announced its completion of the acquisition of Hypercom U.S. business after reaching a settlement with antitrust regulators to sell Hypercom's U.S. payment systems business to an entity sponsored by investment firm Gores Group LLC [5] Simultaneously, KleinPartners Capital announced the acquisition of Hypercom Spain S.A. and Hypercom UK, with Kazem Aminaee, the former President of Hypercom Europe, Middle East, and Africa, forming Spire Payments [6][7]

On September 30, 2011 Hypercom US announced it formally changed its corporate name to Equinox Payments, LLC.[8]

References
  1. "Hypercom Corporation History". Funding Universe. Retrieved 8 December 2015.
  2. "Ingenico Agrees to acquire Hypercom's U.S. Payment Systems Business" (Press release). Reuters. 4 April 2014.
  3. "Hypercom UK and Spain Acquired by Spire Payments" (Press release). Reuters. 4 August 2011.
  4. "Justice Department Files Antitrust Lawsuit to Stop VeriFone from Buying Hypercom and Entering into Anticompetitive Divestiture Agreement with Ingenico" (Press release). Department of Justice. 12 May 2011.
  5. "VeriFone, Hypercom complete merger after reaching agreement with Justice Department" (Press release). Yahoo Finance. 4 August 2011.
  6. "Hypercom UK and Spain Acquired by Spire Payments" (Press release). Reuters. 4 August 2011.
  7. "Company Overview of Spire Payments Ltd". Bloomberg Business. Retrieved 8 December 2015.
  8. "Payment Industry Leader Hypercom USA Changes Name to Equinox Payments, LLC" (Press release). Reuters. 30 September 2011.
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