Verifone and Francisco Partners Announce New Leadership Upon Closing
July 09 2018 - 9:00AM
Business Wire
Mike Pulli to be Appointed CEO at Close of
Transaction
Paul Galant to Become Verifone Vice Chairman
and Senior Advisor to Francisco Partners
Verifone (NYSE:PAY) (“Verifone” or “the Company”), a world
leader in payments and commerce solutions, today announced that
Paul Galant has decided to step down as Chief Executive Officer,
effective at the close of the previously announced transaction with
Francisco Partners. At the transaction close, which is expected to
occur during the third calendar quarter of 2018, Michael Pulli,
formerly CEO of Pace plc until its acquisition by ARRIS Group, Inc.
(NASDAQ: ARRS), will succeed Mr. Galant as Verifone’s Chief
Executive Officer. Mr. Galant will continue to serve on Verifone’s
Board and support Verifone as Vice Chairman. Mr. Galant will also
become Senior Advisor to Francisco Partners on payments industry
strategy and opportunities.
“It has been an honor to lead Verifone through a time of rapid
change in the payments industry and I couldn’t be more proud of all
that our team has accomplished as we prepare to enter our next
phase under new ownership,” said Mr. Galant. “We have restored
Verifone to a position of strength while staying true to our roots
of innovation, and I transition to my new role having full
confidence that Verifone is in the best position from which to
drive a new chapter of growth. I’m excited to continue to work with
Mike Pulli and the management team as Vice Chairman.”
“On behalf of the Board of Directors, I would like to express my
deep gratitude to Paul for his dedicated leadership and service to
Verifone over the past five years,” said Pete Hart, Chairman of the
Board of Directors. “Paul joined Verifone at a critical time for
the Company, and under his stewardship, the Company has made
significant progress in its transformation from a terminal sales
company to a world leader in payments and commerce solutions,
enabling us to deliver significant value to our shareholders.
Paul’s drive, vision and deep commitment to Verifone and our
clients has positioned the Company well for its next phase of
growth in partnership with Francisco Partners. We are grateful that
Paul has agreed to continue his significant contributions to
Verifone and look forward to continuing to benefit from his
industry experience and expertise.”
“We appreciate Paul’s commitment to Verifone, and his
willingness to continue to contribute his knowledge and experience
in his new role as Vice Chairman,” said Peter Christodoulo, Partner
at Francisco Partners. “We are also very excited to have Mike Pulli
coming on board as our new CEO as we become stewards of this very
important platform in the global payments and commerce ecosystem.
Mike’s experience and success in transforming Pace plc from a
hardware company to a provider of integrated hardware and software
systems and services will be of great benefit to Verifone as it
continues its transformation in a private context.”
“I am very excited for the opportunity to lead Verifone,”
commented Mike Pulli, “and I look forward to working closely with
Paul, Francisco Partners and Verifone’s leadership team as the
Company continues its transformation into an integrated provider of
commerce enablement solutions. Verifone is a tremendous global
platform and I cannot wait to get to work building value for
customers, employees and shareholders going forward.”
About Mike Pulli
Prior to joining Francisco Partners Consulting, Mike was the CEO
of Pace plc a UK-based publicly traded Company on the London Stock
Exchange. Before he was appointed CEO, Mike was President of Pace
Americas for 8 years. Prior to Pace, Michael was a CEO of Digital
Latin America (DLA) since its inception in March of 2000 and spent
8 years at General Instrument (prior to its acquisition by
Motorola) serving in several positions including Vice President of
International Operations, Vice President / Managing Director –
Latin America, Director of Wireless Products Management and
Director of Business Planning. Before joining General Instrument,
Michael started his career at Allied-Signal, Inc. Mike holds a BS
in Accounting from Rider University and an MBA from Farleigh
Dickinson University.
About Verifone
Verifone is transforming every day transactions into new and
engaging opportunities for merchants and consumers at the last inch
of payments and commerce. Powered by a growing footprint of more
than 30 million devices in more than 150 countries, our people are
trusted experts working with the world’s best-known retail brands,
financial institutions, and payment providers. Verifone is
connecting more products to an integrated solutions platform to
better meet the evolving needs of our clients and partners. Built
on a 35-year history of uncompromised security, we are committed to
consistently solving the most complex payment
challenges. Verifone.com | (NYSE: PAY) | @Verifone.
About Francisco Partners
Francisco Partners is a leading global private equity firm,
which specializes in investments in technology and
technology-enabled services businesses. Since its launch over 18
years ago, Francisco Partners has raised over $14 billion in
committed capital and invested in more than 200 technology
companies, making it one of the most active and longstanding
investors in the technology industry. The firm invests in
opportunities where its deep sectoral knowledge and operational
expertise can help companies realize their full potential. For more
information, please visit www.franciscopartners.com.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This communication includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's current
expectations or beliefs and on currently available competitive,
financial and economic data and are subject to uncertainty and
changes in circumstances. Actual results may vary materially from
those expressed or implied by the forward-looking statements herein
due to changes in economic, business, competitive, technological,
and/or regulatory factors, and other risks and uncertainties
affecting the operation of the business of Verifone, including many
factors beyond our control. These risks and uncertainties include,
but are not limited to, those associated with: the parties’ ability
to meet expectations regarding the timing and completion of the
merger, the risk that Verifone stockholders do not approve the
merger, the occurrence of any event, change or other circumstance
that would give rise to the termination of the merger agreement,
the response by stockholders to the merger, the failure to satisfy
each of the conditions to the consummation of the merger, including
but not limited to, the risk that a governmental entity may
prohibit, delay or refuse to grant approval for the consummation of
the merger on acceptable terms, or at all, the disruption of
management’s attention from ongoing business operations due to the
merger, the effect of the announcement of the merger on Verifone’s
relationships with its customers, suppliers, operating results and
business generally, the risk that any announcements relating to the
merger could have adverse effects on the market price of Verifone’s
common stock, the outcome of any legal proceedings related to the
merger, employee retention as a result of the merger, and risks and
uncertainties affecting the operations of our business, included in
our filings with the Securities and Exchange Commission, including
our annual report on Form 10-K and our quarterly reports on Form
10-Q. The forward-looking statements speak only as of the date such
statements are made. Verifone is under no obligation to, and
expressly disclaims any obligation to, update or alter its
forward-looking statements, whether as a result of new information,
future events, changes in assumptions or otherwise, except as
required by law.
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VerifoneInvestor Relations:Marc Rothmanir@verifone.comorMedia
Relations:Kwiyoung Baumgarten770-754-3460press@verifone.com
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