International Verifact, Inc., and Checkmate Electronics, Inc. have entered into an agreement to combine their companies. The combined company, called IVI Checkmate Corp., will be North America's third largest company in the electronic payment solutions industry and is predicted to have combined revenues approaching the second largest company in the industry.
IVI Checkmate Corp., will have the following subsidiaries:
1. IVI's operations in Canada,
2. The combined operations of IVI and Checkmate in the United States,
3. The software development business of IVI's 83% owned subsidiary National Transaction Network, Inc.
4. IVI-Ingenico Inc., the Latin-America distribution company jointly owned with Ingenico of France. Ingenico is a major provider of smart card products in Europe and Asia, is the largest shareholder of IVI and is expected to be the largest shareholder of IVI Checkmate Corp.
"The combination of IVI and Checkmate will result in a broader product offering, and improved financial, operating, and marketing resources, and should position the new company, with the assistance of Ingenico, to take on the larger players in the existing lines of business and in future products, such as smart cards," said L. Barry Thomson, the current CEO and president of IVI who will become President and CEO of IVI Checkmate Corp.
Jean-Jacques Poutrel, Chairman and CEO of Ingenico, stated that the combination of IVI and Checkmate would enable Ingenico to build upon its alliance with IVI for the introduction of Ingenico's smart card products in the United States.
For additional company information access www.ivinet.com.
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