VeriFone boosts mobile presence with Way Systems

VeriFone Systems Inc. said Wednesday it has acquired Way Systems Inc., expanding the company's presence on cell phones and other mobile gadgets.

VeriFone, which provides technology for making electronic payments, said it is paying $6 million for the privately held company, plus another $3 million a year from now if it meets certain performance targets.

VeriFone said Way Systems has a base of about 25,000 merchants that use its technology for processing mobile payments.

The company, which is based in Woburn, Mass., was launched in 2002 with seed money from VeriFone founder Bill Melton.

VeriFone shares rose 35 cents to $24.53 in morning trading.

Source: http://www.businessweek.com/ap/financialnews/D9HV5JPG0.htm