Payments technology company Verifone is to be acquired by an investor group led by Francisco Partners and including British Columbia Investment Management Corporation, in a deal valued at approximately $3.4 billion.

Paul Galant, CEO at Verifone, says: “This transaction delivers significant cash value to our stockholders and provides compelling benefits for our clients. We believe this transaction reflects the progress we have made executing our transformation from a terminal sales company to a payments and commerce solutions provider. With Francisco Partners’ resources, expertise and track-record growing global technology businesses, we are confident that we will be better positioned to serve the needs of our clients around the globe.”

“Verifone’s transformation from a hardware provider to a best-in-class payments and commerce solutions provider is just beginning,” adds Jason Brein, Partner at Francisco Partners. “We look forward to supporting the company as it continues its evolution.”