Electronic payment solutions provider VeriFone Systems acquires majority stake in Italy's ABS

California, U.S.-based VeriFone Systems, a secure electronic payment solutions provider, has acquired an 80% majority stake in Italy’s All Business Solutions (ABS) from ABS’ founders and from ACI Informatica, the IT body of ACI (Automobile Club d’Italia) Group, which will retain a minority share. The terms of the deal remain undisclosed.

ABS is described as an “integrator and software developer” and through its ABScard gateway and loyalty platform, provides a “single integrated technology platform and professional services” for transaction-based applications including prepaid, loyalty, fare collection, ticketing, restaurant and others. It’s capable of processing secure transactions from mobile phones and smart phones, self-service kiosks, web browsers and traditional POS devices.

For VeriFone Systems, the acquisition will enable the company to serve key market segments in Italy with “a complete end-to-end solution incorporating acceptance solutions at the point of sale, middleware and back-end software, and hosting services.”