VeriFone Systems electronic payment solutions posted its 3Q/11 (2Q/11) net revenue of $317 million, up from the last quarter figure of $292 million and the year ago figure of $261 million for a 21% increase and the fifth straight quarter that net revenues grew more than 20% from the prior year. This growth was thanks in large part to VeriFone having acquired Hypercom, expanding not only its geographical reach, but its product and services diversification as well.
With the expansion, VeriFone announced a new direct sales and service strategy for retailers, acquirers and processors in Germany, Italy, France, Spain, Austria and Switzerland and now fields a workforce of more than 500 direct sales, support and engineering personnel on the ground in these countries. VeriFone is subsequently projecting the Hypercom acquisition to contribute revenue of approximately $350 million.
