VeriFone Pops 11% on Taxi Contract
Shares of VeriFone (NYSE: PAY) are seeing increased strength during Wednesday's trading session after the company announced a contract with the taxi systems of Washington DC.
VeriFone announced it has been awarded a five-year contract by the District of Columbia Taxicab Commission (DCTC) valued from $35 million to as much as $45 million factoring in potential advertising revenue. VeriFone won a competitive bidding process to become the exclusive vendor for installation and support of the DCTC's Taxicab Smart Meter System project.
VeriFone will develop, install and support payment systems integrated with driver and passenger information tablet displays for all of the District's 6,500 taxis and providing electronic trip reporting, credit card payment processing, display of news and other programming, as well as safety alert activation features for both passengers and drivers.
Wednesday, shares of VeriFone were trading up 11 percent, at about $35.43 per share.
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