VeriFone Acquires Global Bay to Expand Retail Mobility Strategy
VeriFone Systems, Inc., today announced it has acquired Global Bay Mobile Technologies, a provider of mobile retail solutions. The acquisition is the latest development in VeriFone’s strategy to bring the power of mobile into the world of retail and payments, extending new smartphone- and tablet-based shopping and payment experiences to retail organizations. Terms of the transaction, which closed effective today, were not disclosed.
Global Bay has worked with retailers across North America, Europe and Asia with mobile applications that leverage existing POS, e-commerce, and traditional store systems. Global Bay’s technology will be coupled with VeriFone’s secure mobile payment technology to offer a comprehensive and integrated suite of mobile applications, including Mobile POS, Clienteling, and Store Inventory Management.
Global Bay was co-founded by Sandeep Bhanote and Nimit Sabharwal and has established a leadership position in retail mobility. Bhanote, CEO of Global Bay, has been appointed general manager of VeriFone’s Mobile Retail Systems business. Sabharwal, Global Bay vice president, has been appointed senior director of operations. Global Bay’s entire management, technology, sales and support staff will continue in their present roles within this division.