VeriFone Systems Inc was incorporated in the state of Delaware on June 13, 2002 in order to acquire VeriFone, Inc. on July 1, 2002. VeriFone, Inc. was incorporated in 1981 and became its operating subsidiary on July 1, 2002. Effective May 18, 2010, it changed its corporate name from VeriFone Holdings, Inc. to VeriFone Systems, Inc. The Company of payment solutions, that enables secure electronic payment transactions and value-added services at the point of sale. The Company designs, markets, and services electronic payment solutions that enable secure electronic payments among consumers, merchants, and financial institutions. It provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing, and self-service payment systems for the financial, retail, hospitality, petroleum, transportation, government, and healthcare vertical markets. The Company's system solutions consist of point of sale electronic payment devices that run its proprietary and third-party operating systems, security and encryption software, and certified payment software as well as other third-party value-added applications. It designs its system solutions to meet the demanding requirements of its direct and indirect customers. The Company operates in four business segments: North America, Latin America, EMEA, and Asia-Pacific. North America, consisting of the United States and Canada; Latin America includes South America, Central America, Mexico and the Caribbean; EMEA segment includes Europe, Russia, the Middle East, and Africa; and Asia-Pacific includes Australia, New Zealand, China, India, and throughout the rest of Greater Asia, including other Asia-Pacific Rim countries. The Company competes with suppliers, manufacturers, or distributors of electronic payment systems and services as well as suppliers of cash registers that provide built-in electronic payment capabilities and producers of software that facilitates electronic payments over the internet. Its competitors in these markets for POS terminals and services include Ingenico S.A., First Data Corporation, Heartland Payment Systems, PAX Technology, Ltd., SZZT Electronics Co. Ltd., Equinox Payments, CyberNet Inc., and Spire Payments Ltd.
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