VeriFone wants to get further involved with mobile retail and payments, and it is advancing that initiative with the purchase of Global Bay Mobile Technologies.
Basically, VeriFone wants to utilize Global Bay's suite of existing next-generation mobile retail solutions and build upon that. Applications developed using this technology will focus on mobile point-of-sale and store inventory management, coupled with VeriFone’s secure mobile payment technology.
Global Bay also already has partnerships in place with retailers in North America, Europe and Asia.
VeriFone's executive vice president for North America, Jennifer Miles, explained in a statement:
Global Bay’s mobile retail applications complement our vision to deliver rich commerce solutions that open up new opportunities for merchants to engage their customers in deeper, more meaningful ways that will generate increased profitability and shopper loyalty.
Everyone is moving over to VeriFone as Global Bay’s entire management, technology, sales and support staff will continue in their present roles within this division. Up top, Global Bay's CEO and co-founder Sandeep Bhanote will stay on as general manager of VeriFone’s Mobile Retail Systems business. Global Bay vice president Nimit Sabharwal has been appointed senior director of operations.
Although the transaction closed today, financial terms of the deal have not been disclosed.
However, to get a better idea of where VeriFone is going with Global Bay's resources, check out the promo video below:
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