As of Monday, point-of-sale terminal maker Verifone Systems Inc. once again is a privately-held company.
Announced in April, the $3.4 billion deal also sees Michael Pulli, former chief executive of Pace plc, step into the same role at San Jose, Calif.-based Verifone, replacing Paul Galant, who became CEO in 2013. Galant continues with the company as vice chairman of its board of directors and will serve as a senior advisor to San Francisco-based Francisco Partners.
“The closing of this transaction represents a new and exciting chapter for Verifone as we seek to continue the transformation of Verifone from a terminal-sales company to a leading provider of payments and commerce solutions,” said Pulli in a press release.
“Francisco Partners will be a powerful partner and unwavering champion for Verifone, bringing additional resources, deep knowledge of the payments industry, and a proven track record of investments in technology,” Pulli wrote in an email to customers and partners. “Together, I am confident that we will be better positioned to serve your needs and support your growth.”
He said the completion of the deal will not result in any immediate changes to Verifone’s business or relationships. “We will honor our existing contractual obligations, and your contacts will remain the same,” Pulli said.
San Jose, Calif.-based Verifone was privately held from its inception in 1981 through 1990, and then was publicly held through 1997. That year, computing giant Hewlett-Packard, now known as HP Inc., bought the company. Verifone went public again in 2005.