Scratch one member: HP buys Verifone

Rohit Khare (
Wed, 23 Apr 1997 12:06:54 -0400 (EDT)

April 23, 1997 11:30 AM ET

HP buys VeriFone in E-commerce deal

By Charles Cooper, ZDNN

HP will buy VeriFone in a $1.18 billion stock swap.

What's behind the deal? Two words: electronic commerce, according to execs who say the combination puts HP in prime position to get a big piece of the multibillion E-commerce market. The deal also meshes with HP's strategy to use the Internet to let businesses link up with their customers and suppliers.

VeriFone says its systems handled more than $520 billion of the $800 billion in electronic transactions conducted in this country last year.