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Technology Stocks : IVI Checkmate (CMIV) -- Ignore unavailable to you. Want to Upgrade?

To: Sultan who wrote (1707)	12/4/1998 3:09:00 PM
From: Filip Jakobs	Read Replies (2) \| Respond to of 3721

This story was on Reuters: (adds details, quotes) By Marcel Michelson PARIS, Dec 4 (Reuters) - French computer group Bull SA <BULP.PA> said on Friday it was merging its electronic payment systems activities -- cash machines and payment terminals -- with those of compatriot Ingenico SA <INGC.PA>. Ingenico will become the world's number two in electronic payment systems through the deal, behind Hypercom <HYC.N> of the United States and ahead of Verifone of Hewlett-Packard <HWP.N>. Bull will swap its assets in these activities in exchange for Ingenico shares and will become the biggest shareholder with a 31 percent stake. Ingenico had a market value of 1.4 billion francs at Friday's market close of 171 francs, up 1.79 percent. Ingenico chairman Jean-Jacques Poutrel told Reuters by telephone Bull would get the shares through an increase in the Ingenico capital. He declined to give further details but said more information would be given at the start of next week. "We have just signed, we're still working out the statements with all the details. We wanted to announce our deal now in order to avoid leaks," Poutrel said. In a statement, the two companies said they would also create a strategic partnership. Bull is a world leader in chip cards for the banking industry. The companies aim to offer a leading product range from chip cards to electronic payment systems, based on functionality and security. The deal is subject to approval by a general shareholders meeting in early 1999. The Bull activities are its 100 percent Telesincro unit which has strong commercial positions in Latin America, the Iberian peninsula and in Norway. Telesincro was a supplier to Ingenico and the latter will now directly control its main European production site in Spain. Bull's sales networks will commercialise the Ingenico products in Russia and eastern European countries. For China, rest of Asia and Africa, Bull will acquire distribution rights. The existing distribution channels of Ingenico in the United States, Australia and New Zeland will remain in force. "Thanks to this agreement, Bull will strengthen its strategy for making information systems more secure, especially in the development of electronic commerce and transactions on Internet," Bull chairman Guy de Panafieu said in a statement. "At the hour of Euroland, Ingenico has all the means to face the demands by users who want from now on pan-European systems and products. After the agreements with Bull and De La Rue, Ingenico become leader on all markets outside North America," Poutrel said in a statement. "We now have to fill this void and that will be the next challenge we will attack without further delay," he added. Earlier this year, Ingenico acquired the transaction terminals activity of De La Rue <DLR.L> of Britain in exchange for shares and in February it bought a 40 percent stake in Italy's Veron from Olivetti <OLIV.MI>. At the moment, the Poutrel family has 29 percent of Ingenico, De La Rue 15.3 percent and French state-owned bank Caisse des Depots et Consignations 10 percent. Ingenico made a first half of 1998 net profit of 14.17 million francs on sales of 279.57 million and expects full year sales of 650 million francs. ((Paris newsroom +33 1 4221 5452, fax +33 1 4236 1072, paris.newsroom@reuters.com)) Friday, 4 December 1998 15:01:37 RTRS [nL04350093] No mention of IVI Checkmate. I guess nobody knows it exists but us. That has to be a positive sign.