VeriFone Systems Inc. (NYSE: PAY) CEO Douglas Bergeron bought 155,000 shares of PAY common stock at a total value of $5,037,702.
PAY shares are up sharply in trading today. At last check, the stock was trading 10.53% higher at $35.28 on above average volume of 6.83 million. The stock touched an intra-day high of $35.84 today.
Year-to-date, PAY shares are down 0.99%, underperforming the S&P 500, which gained 6.46% in the same period.
Based in San Jose, California, VeriFone Systems is a provider of secure electronic payment solutions. The company provides solutions and services for the financial, retail, hospitality, petroleum, transportation, government and healthcare vertical markets.
Earlier today, VeriFone Systems announced that it won a five-year contract valued at $35 million. The contract has been awarded by the District of Columbia Taxicab Commission (DCTC). PAY won the contract following a competitive bidding process. The company has now become the exclusive vendor for installation and support of the DCTC’s Taxicab Smart Meter System project.
Under the terms of the contract, VeriFone will develop, install and support payment systems integrated with driver and passenger information tablet displays for all of District of Columbia’s 6,500 taxis. PAY will also provide electronic trip reporting, credit card payment processing, display of news and other programming.
Amos Tamam, Senior Vice President, Taxi Systems at VeriFone, said that the District’s state of the art system represents the expertise PAY has developed in providing integrated secure payment and digital content solutions, which the company calls PAYMEDIA, for taxis and other market segments. Tamam said that PAY is extremely proud to add Washington D.C. to the growing list of major cities using the company’s solutions and services.
With the addition of 6,500 cabs in Washington DC, PAY’s taxi media footprint will increase by 23% to more than 35,000 in the U.S.
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