WAY Systems (MIT) Acquired by VeriFone (9/1/2010)

WAY Systems is an MIT-based spinoff developing mobile POS solutions and gateway services for mobile merchants.

VeriFone Systems, Inc. (NYSE: PAY), today announced it has acquired the assets of WAY Systems, Inc, a pioneer in mobile POS solutions and gateway services for mobile merchants. The acquisition will not have a material impact on VeriFone’s financial results. The purchase price consisted of an upfront payment of $6 million dollars and an earn-out payable in one year of up to an additional $3 million dollars should certain performance targets be met. [read more]

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