from the May 2006 issue

VeriFone to buy Lipman for $793 million

VeriFone announced that it reached a cash and stock deal worth $793 million to acquire rival electronic payment systems maker Lipman Electronic Engineering Ltd. (TASE: LPMA) Since its founding in 1974, Lipan has based itself on innovation and technology leadership in wireless payments.

Following completion of the acquisition, VeriFone said it will continue to trade on the New York Stock Exchange and will be dual listed on the Tel Aviv Stock Exchange. In its fiscal year ended October 31, 2005, VeriFone reported net revenue of $485.4 million. Lipman's revenue in the fiscal year 2005 was $235.4 million.

Reprinted from the Israel High-Tech & Investment Report May 2006

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