To: Hippieslayer who wrote (2332 ) 4/12/1999 9:57:00 AM From: hsg Respond to of 3721
IVI Checkmate to Acquire Datacard's Financial Systems (POS) Subsidiary Business Wire - April 12, 1999 09:32 MINNEAPOLIS--(BUSINESS WIRE)--April 12, 1999--Datacard Corporation announced today that it has agreed to sell its Financial Systems POS subsidiary to IVI Checkmate of Atlanta, Georgia (NASDAQ: CMIV); (TSE:IVC/IVI). The acquisition, which is expected to close in April, will result in IVI Checkmate gaining footholds in several new strategic target markets. "We've been looking for the right partner for the POS business unit for about a year," said Glenn Highland, President and CEO of Datacard. "We knew that, in order to compete effectively in the world market, we had to partner with a strong entity that complemented our strengths. We found the ideal partner in IVI Checkmate." "The synergies with IVI are very strong." said John Mamalakis, Senior Vice President of Datacard's Financial Systems subsidiary. "IVI Checkmate has significant market penetration in the high-end retail market. They also have a very strong position in the growing check reader market. Datacard's Financial Systems subsidiary is very strong in the petroleum industry, and our position in the financial industry stand-alone market continues to expand. Combining enables us to offer a comprehensive product line capable of addressing the full spectrum of the payments industry." Datacard's Financial System subsidiary introduced its Jigsaw(R) terminal product line three years ago. The modular Jigsaw platform can be configured as a PIN pad, a stand-alone transaction terminal, a LAN gateway terminal or a LAN workstation. The flexible POS solution offers both smart card and magnetic stripe capabilities in one low-cost platform. The Jigsaw system has received Class A certification on several financial service networks, including Vital Processing Services(R). Recently, the company introduced a Jigsaw LAN product, which includes several of the unique and popular features for which their products have become recognized. "We have begun realizing some exciting successes in the financial marketplace," said Mamalakis. "Now, with the combination with IVI--our Jigsaw line and the integration and check reader capabilities that IVI Checkmate provides--we are better equipped to further penetrate the financial market." "IVI Checkmate has been following a plan of growth through strategic acquisition, as a means of adding value for our customers, as well as our stockholders," said L. Barry Thomson, President and CEO of IVI Checkmate. "With the addition of Jigsaw and petroleum's POS (terminal) products and market strengths, we believe that we enhance the dynamics of our organization." IVI Checkmate is the third largest electronic transaction solutions provider in North America. The Company designs, develops, and markets innovative payment and value-added solutions that optimize transaction management at the point-of-service in the retail, financial, hospitality, healthcare, and transportation industries. IVI Checkmate's software, hardware, and professional services minimize transaction costs, reduce operational complexity, and improve profitability for its customers in the U.S., Canada and Latin America. For more information on IVI Checkmate, visit their web site at ivicheckmate.com . DataCard Corporation, a privately held company based in Minneapolis, Minn., provides customers around the world with fully integrated solutions for a variety of financial, identification and healthcare applications. In addition to turnkey solutions, the company continues to offer complete lines of card personalization systems, digital photo ID systems, photo ID printers and transaction systems. (www.Datacard.com)