Irish software firm Trintech is to sell its payments systems business to US-quoted Verifone Holdings in a $12.1 million all-cash deal.
Trintech is selling the business to concentrate on its transaction reconciliation software products and services that it sells into the fund management sector.
Verifone provides electronic payment products and services for use by merchants at the point of sale. It will add Trintech's unattended and outdoor payment systems to its solutions for self-service payment, vending, and pay-at-the-pump applications.
It will take over distribution of the Trintech products and will provide existing customers with service and support.
The deal has been approved by Trintech's board and is expected to close by the end of the month.