VeriFone Holdings, a US-based provider of electronic payment solutions, has acquired the assets of Orange Logic, a South Korean payment systems provider.
Effective immediately, Orange Logic will operate as VeriFone Korea and will continue to manufacture the existing Orange Logic product family.
With the acquisition, VeriFone gains the people and infrastructure to introduce its electronic payment product line into the Republic of Korea, and an existing domestic product line and customer base.
Orange Logic was founded in 2004 and has primarily been supplying electronic payment devices to customers in the South Korean retail and banking segments.
Douglas Bergeron, CEO of VeriFone, said: “We see great potential in the growing South Korean market and are optimistic about the high growth potential for the transition to mandated EMV solutions. In addition to generating immediate revenue from Orange Logic’s certified and customized products, VeriFone is acquiring a strong foundation of development, operations, service, and sales resources on which to expand our global product line into this large market.”