VeriFone Systems has acquired the assets of WAY Systems, a provider of mobile POS offerings and gateway services for mobile merchants.
The purchase price consisted of an upfront payment of $6m and an earn-out payable in one year of up to an additional $3m should certain performance targets be met.
VeriFone said that WAY has built up a customer base of more than 25,000 mobile merchants over the past five years.
The company will immediately take over support of these merchants within its PAYware Connect Gateway infrastructure, and will offer continuous support for all existing WAY mobile systems.
VeriFone executive vice president Jeff Dumbrell said that the intellectual property they are acquiring will significantly contribute to their vision of empowering wide scale adoption of mobile payments.
