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Verifone history
Verifone company history timeline
William Melton already had more than a decade of experience in payment processing before founding VeriFone in 1981.
In 1981, Visa and MasterCard began offering merchants discounts on their transactions if they agreed to use newly developed automated transaction technology for all credit card purchases greater than $50.
Verifone introduced its first POS product in 1982.
In 1984, the company introduced ZON credit card authorization system was priced at $125.
The company doubled revenues, to about $30 million, in 1986.
By January 1988, Verifone controlled more than 53 percent of the POS systems market.
Tyabji added chairman to his titles after Melton retired from the company in 1989, taking a seat on the c ompany's board.
Verifone went public in March 1990, raising more than $54 million.
By 1993, Verifone systems were in place in more than 70 countries, including its three millionth system, in Brazil, representing the company's expansion in the Latin American market.
It also built a new plant near Shanghai in China in 1994 to increase production capacity.
To place the company close to technological developments in France and the rest of Europe, Verifone opened its Paris research and development center in 1994.
The company launched its smart card in May 1995.
In 1996, the company placed its five millionth system.
Hewlett-Packard acquired Verifone in a $1.18bn stock-swap deal in April 1997.
The company introduced its Personal ATM, a palm-sized smart card read er capable of reading a variety of smart card formats, in September 1 996, with the product expected to ship in 1997.
The company launched its Omni 3200 payment terminal in 1999 and it quickly became its best selling terminal to date.
Four years later Verifone was sold to Gores Technology Group in May 2001.
Sure enough, HP ann ounced a major restructuring effort in 2001.
2002: GTCR Golder Rauner LLC gains a majority interest in the company.
VeriFone began to tap into the quick service restauran t and drive-thru industry in 2003 as fast food establishments began t o allow customers to pay with credit and debit cards.
In October 2004, Israeli-based Lipman Electronics had acquired United Kingdom-based Dione plc, to go alongside its "NURIT" brand.
Bouyed by strong sales and profits, VeriFone launched an initial publ ic offering on the New York Stock Exchange in April 2005.
On November 1, 2006 Verifone completed its acquisition of Lipman, and added both Dione and NURIT products to its portfolio for an undisclosed sum.
The company was formerly known as VeriFone Holdings, Inc. and changed its name to VeriFone Systems, Inc. in 2010.
In 2014 the company rebranded itself as Verifone with a lowercase 'f'. Verifone in 2014 was based in San Jose, California, and has marketing and sales offices across the world.
In April 2018, Verifone was acquired by Francisco Partners for US$3.4 billion.
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Verifone competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Ingenico | 1980 | $1 | 7,500 | 3 |
| Siemens | 1847 | $66.7B | 303,000 | 627 |
| Intelligent Solutions | 1996 | - | 751 | - |
| Electronic Commerce | 2006 | - | 76 | - |
| ICE Mortgage Technology | 1997 | $480.3M | 1,750 | - |
| In-Q-Tel | 1999 | $10.9M | 60 | 3 |
| EFD | - | $552.4M | 5,000 | - |
| SI Holdings Inc | - | $26.2M | 600 | 163 |
| Federal Reserve Bank of Boston | 1914 | $3.9M | 1,141 | 1 |
| CQG | 1980 | $7.4M | 401 | - |
Verifone history FAQs
Zippia gives an in-depth look into the details of Verifone, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Verifone. The employee data is based on information from people who have self-reported their past or current employments at Verifone. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Verifone. The data presented on this page does not represent the view of Verifone and its employees or that of Zippia.
Verifone may also be known as or be related to VERIFONE SYSTEMS INC., VeriFone Systems Inc, VeriFone Systems, Inc., VeriFone, Inc., Verifone and Verifone Intermediate Holdings, Inc.