Nordic Capital Fund V divests Point to VeriFone
Nov 14, 2011
Nordic Capital Fund V ("Nordic Capital") today announced
a definitive agreement to sell Point International ("Point") to
VeriFone Systems, Inc. ("VeriFone").
Since Nordic Capital acquired Point in 2004, the company has
been expanded to become Europe's leading provider of electronic
payment solutions serving with over 475,000 individual merchant
contracts across Europe. The 125 software developers at Point have
built proprietary multi-country payment software which is
seamlessly used for physical electronic payments and internet
payments, which is unique in Europe.
"Under Nordic Capital's ownership, Point has had fantastic
growth, with sales close to five times higher than at the time of
acquisition and taken the position as the leader in advanced
payment services in Europe. Nordic Capital has supported the
management to make significant R&D investments and do strategic
add-on acquisitions, creating value and sustainable growth
opportunities, and thereby ensuring that Point remains a European
leader in a field that has a tremendous growth potential", said
Fredrik Näslund, Partner, NC Advisory AB, advisor to the Nordic
Capital Funds.
The outstanding growth of Point has been driven by a defined
strategy for market leadership through investments:
• Invested in the Point
router Network in order to
allow merchants to enjoy "Payment as a Service",
which has been a success due to increasing demands from the
regulatory side as well as increasing functional requirements from
merchants on multi channel solutions and added value
services.
• Changed the business model to a recurring revenue model
based on subscriptions, enabled by the investments into the Point
Network
• Leveraged Point's strong technological know-how to
strengthen its position within the Nordic region and to expand into
selected European countries
• Developed industry and country specific applications to
increase differentiation
Through the acquisition by VeriFone, Point gains access to all
the capabilities of a global market leader, while VeriFone gains
the opportunity to take advantage of
Point's strong position in local markets and the expertise on
the services side. Point is the only full-service providers of
payment solutions with a European reach. The offering consists of
card present, card not present, 'Multi-channel' and 'Cross-channel'
solutions. In addition, Point also offers gateways that connect to
more than
50 acquirers, and deliver value added services in the form of
advanced reporting and handling of loyalty cards and prepaid
cards.
"As part of the VeriFone group, Point will have a strong owner
with a long-term perspective who fully understands our business",
says Johan Tjärnberg, CEO Point
International. "Together we will strengthen our customer
solutions, expand the reach of our organization and accelerate the
development of our company".
Nordic Capital was advised by J.P. Morgan, SEB Enskilda and
White & Case.
For further information, please contact:
Johan Tjärnberg, Group CEO, Point International
Tel.: +46 8 566 287 00
Email: johan.tjarnberg@point.se
Mikael Widell, Communications Manager, NC Advisory AB
Mobile: +46 703 11 99 60
Email: mikael.widell@nordiccapital.com
About Point
Point is the leading provider of multichannel electronic payment
solutions in Europe focusing on payment services to merchants.
Point installations handle 10 million transactions per day, and the
Point Group provides service to approximately 630,000 payment
terminals. Customers include some of the largest retail companies
in Europe, as well as small independent stores and online
merchants. Point has more than 800 employees and a local presence
in Denmark, Estonia, Finland, France, Iceland, Ireland, Latvia,
Lithuania, Norway, Sweden and the UK. For more information, please
visit www.pointinternational.com.
About VeriFone Systems, Inc.
VeriFone Systems, Inc. (VeriFone) (NYSE: PAY) is the global
leader in secure electronic payment solutions. VeriFone provides
expertise, solutions and services that add value to the point of
sale with merchant-operated, consumer-facing and self-service
payment systems for the financial, retail, hospitality, petroleum,
government and healthcare vertical markets. VeriFone solutions are
designed to meet the needs of merchants, processors and acquirers
in developed and emerging economies worldwide. For more information
about VeriFone, visit www.verifone.com.
About Nordic Capital Private Equity Funds
Since the start in 1989, Nordic Capital Private Equity Funds
have invested in large and medium sized companies, primarily in
Northern Europe. Through committed ownership and by targeting
strategic development and operational improvements, Nordic Capital
creates value in its investments. The funds invest in companies in
Northern Europe and in selected investment opportunities
internationally. They are based in Jersey, Channel Islands, and are
advised by the NC Advisory companies in Sweden, Denmark, Finland,
Norway, Germany and the UK. Additional information about Nordic
Capital is available through its corporate website, www.nordiccapital.com.
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