Market Overview

Verifone and Francisco Partners Announce New Leadership Upon Closing


Mike Pulli to be Appointed CEO at Close of Transaction

Paul Galant to Become Verifone Vice Chairman and Senior Advisor to
Francisco Partners

Verifone (NYSE:PAY) ("Verifone" or "the Company"), a world leader in
payments and commerce solutions, today announced that Paul Galant has
decided to step down as Chief Executive Officer, effective at the close
of the previously announced transaction with Francisco Partners. At the
transaction close, which is expected to occur during the third calendar
quarter of 2018, Michael Pulli, formerly CEO of Pace plc until its
acquisition by ARRIS Group, Inc. (NASDAQ:ARRS), will succeed Mr. Galant
as Verifone's Chief Executive Officer. Mr. Galant will continue to serve
on Verifone's Board and support Verifone as Vice Chairman. Mr. Galant
will also become Senior Advisor to Francisco Partners on payments
industry strategy and opportunities.

"It has been an honor to lead Verifone through a time of rapid change in
the payments industry and I couldn't be more proud of all that our team
has accomplished as we prepare to enter our next phase under new
ownership," said Mr. Galant. "We have restored Verifone to a position of
strength while staying true to our roots of innovation, and I transition
to my new role having full confidence that Verifone is in the best
position from which to drive a new chapter of growth. I'm excited to
continue to work with Mike Pulli and the management team as Vice

"On behalf of the Board of Directors, I would like to express my deep
gratitude to Paul for his dedicated leadership and service to Verifone
over the past five years," said Pete Hart, Chairman of the Board of
Directors. "Paul joined Verifone at a critical time for the Company, and
under his stewardship, the Company has made significant progress in its
transformation from a terminal sales company to a world leader in
payments and commerce solutions, enabling us to deliver significant
value to our shareholders. Paul's drive, vision and deep commitment to
Verifone and our clients has positioned the Company well for its next
phase of growth in partnership with Francisco Partners. We are grateful
that Paul has agreed to continue his significant contributions to
Verifone and look forward to continuing to benefit from his industry
experience and expertise."

"We appreciate Paul's commitment to Verifone, and his willingness to
continue to contribute his knowledge and experience in his new role as
Vice Chairman," said Peter Christodoulo, Partner at Francisco Partners.
"We are also very excited to have Mike Pulli coming on board as our new
CEO as we become stewards of this very important platform in the global
payments and commerce ecosystem. Mike's experience and success in
transforming Pace plc from a hardware company to a provider of
integrated hardware and software systems and services will be of great
benefit to Verifone as it continues its transformation in a private

"I am very excited for the opportunity to lead Verifone," commented Mike
Pulli, "and I look forward to working closely with Paul, Francisco
Partners and Verifone's leadership team as the Company continues its
transformation into an integrated provider of commerce enablement
solutions. Verifone is a tremendous global platform and I cannot wait to
get to work building value for customers, employees and shareholders
going forward."

About Mike Pulli

Prior to joining Francisco Partners Consulting, Mike was the CEO of Pace
plc a UK-based publicly traded Company on the London Stock Exchange.
Before he was appointed CEO, Mike was President of Pace Americas for 8
years. Prior to Pace, Michael was a CEO of Digital Latin America (DLA)
since its inception in March of 2000 and spent 8 years at General
Instrument (prior to its acquisition by Motorola) serving in several
positions including Vice President of International Operations, Vice
President / Managing Director – Latin America, Director of Wireless
Products Management and Director of Business Planning. Before joining
General Instrument, Michael started his career at Allied-Signal, Inc.
Mike holds a BS in Accounting from Rider University and an MBA from
Farleigh Dickinson University.

About Verifone

Verifone is transforming every day transactions into new and engaging
opportunities for merchants and consumers at the last inch of payments
and commerce. Powered by a growing footprint of more than 30 million
devices in more than 150 countries, our people are trusted experts
working with the world's best-known retail brands, financial
institutions, and payment providers. Verifone is connecting more
products to an integrated solutions platform to better meet the evolving
needs of our clients and partners. Built on a 35-year history of
uncompromised security, we are committed to consistently solving the
most complex payment challenges. |
(NYSE:PAY) | @Verifone.

About Francisco Partners

Francisco Partners is a leading global private equity firm, which
specializes in investments in technology and technology-enabled services
businesses. Since its launch over 18 years ago, Francisco Partners has
raised over $14 billion in committed capital and invested in more than
200 technology companies, making it one of the most active and
longstanding investors in the technology industry. The firm invests in
opportunities where its deep sectoral knowledge and operational
expertise can help companies realize their full potential. For more
information, please visit


This communication includes certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on management's current expectations or
beliefs and on currently available competitive, financial and economic
data and are subject to uncertainty and changes in circumstances. Actual
results may vary materially from those expressed or implied by the
forward-looking statements herein due to changes in economic, business,
competitive, technological, and/or regulatory factors, and other risks
and uncertainties affecting the operation of the business of Verifone,
including many factors beyond our control. These risks and uncertainties
include, but are not limited to, those associated with: the parties'
ability to meet expectations regarding the timing and completion of the
merger, the risk that Verifone stockholders do not approve the merger,
the occurrence of any event, change or other circumstance that would
give rise to the termination of the merger agreement, the response by
stockholders to the merger, the failure to satisfy each of the
conditions to the consummation of the merger, including but not limited
to, the risk that a governmental entity may prohibit, delay or refuse to
grant approval for the consummation of the merger on acceptable terms,
or at all, the disruption of management's attention from ongoing
business operations due to the merger, the effect of the announcement of
the merger on Verifone's relationships with its customers, suppliers,
operating results and business generally, the risk that any
announcements relating to the merger could have adverse effects on the
market price of Verifone's common stock, the outcome of any legal
proceedings related to the merger, employee retention as a result of the
merger, and risks and uncertainties affecting the operations of our
business, included in our filings with the Securities and Exchange
Commission, including our annual report on Form 10-K and our quarterly
reports on Form 10-Q. The forward-looking statements speak only as of
the date such statements are made. Verifone is under no obligation to,
and expressly disclaims any obligation to, update or alter its
forward-looking statements, whether as a result of new information,
future events, changes in assumptions or otherwise, except as required
by law.

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