Tech-focused private equity firm @FranciscoPartners is leading a take-private deal of @Verifone Systems Inc. (NYSE: PAY), a world leader in payment and commerce solutions. The investor group, which includes @British Columbia Investment Management Corp., one of Canada's largest institutional investors, is paying $23.04 per share in cash, representing a total consideration of approximately $3.4 billion, which includes Verifone’s net debt. "We believe this transaction reflects the progress we have made executing our transformation from a terminal sales company to a payments and commerce solutions provider," said Verifone CEO @PaulGalant in a statement. "With Francisco Partners’ resources, expertise and track-record growing global technology businesses, we are confident that we will be better positioned to serve the needs of our clients around the globe.” “This investment builds on the strength of our financial technology, systems and software franchises,” commented Dipanjan “DJ” Deb, co-founder and CEO of Francisco Partners. “Verifone will receive the highest focus of Francisco Partners as we support its continued growth and transformation in an increasingly software-centric world.” Francisco Partners has raised more than $14 billion in committed capital and has invested in more than 200 technology companies since its founding in 1999. In 2016, the San Francisco firm bought Dell Inc.'s software group for $2.4 billion, subsequently carving out Quest Software and SonicWall. Earlier in April, the firm announced it is buying Bomgar, a seller of secure access software for computer systems and devices, from Thoma Bravo. “Verifone continues to build compelling and impressive products and technology and has attractive long-term growth prospects,” said Peter Christodoulo, partner at Francisco Partners. “We are excited to become investors and stewards of this important platform in the global payments and commerce ecosystem.” “Verifone’s transformation from a hardware provider to a best-in-class payments and commerce solutions provider is just beginning,” added Jason Brein, partner at Francisco Partners. “We look forward to supporting the company as it continues its evolution.”
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