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GTCR Recapitalizes VeriFone

Nearly one year after Gores Technology Group acquired VeriFone from Hewlett-Packard Co., GTCR Golder Rauner, LLC, a Chicago-based private equity investment firm, announced a significant investment and definitive plans to recapitalize VeriFone. Gores Technoloy Group will retain an ownership interest in the company as a result of the deal. Doug Bergeron, CEO of VeriFone, has co-invested with GTCR and is now the largest individual investor in the company.

"After completing a successful turnaround of VeriFone, we believe that this is the logical next step in achieving VeriFone's growth strategy and maintaining its market leading position," said Alec Gores, Founder and Chairman of Gores Technology Group. "We are confident that GTCR's significant expertise in the payments industry will add to VeriFone's competitive position."

GTCR manages more than $4 billion of equity capital invested companies ranging from the payments industry to communication, information technology, health care and outsourced business services. GTCR's other payments industry investments include Transaction Network Services, Genpass, TransFirst, and Risk Management Alternatives.

"VeriFone occupies an exceptional market position in the payments industry. We believe that the company will continue to grow as it further leverages its brand, customer service capabilities, and technology to serve the needs of merchants, transaction processors and financial institutions," said Collin Roche, Principal at GTCR.

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