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Woburn-based Way Systems Inc, an early developer of mobile point-of-sale solutions and gateway services for mobile merchants, has been purchased by competitor VeriFone Systems Inc. in a deal that could be worth $9 million.
San Jose, Calif.-based VeriFone (NYSE: PAY) will pay $6 million up front for Way Systems, and Way has the potential to earn an additional $3 million if it meets certain performance goals.
Through his entity GIV Venture Partners Fund, VeriFone founder Bill Melton provided initial seed capital for Way Systems when it was founded in 2002 by Will Graylin, who has since gone on to found Roam Data Inc. in Boston. From 2004 through 2009, Way received $50 million in equity investments from Bessemer Venture Partners and Austin Ventures as well as debt financing from Lighthouse Capital Partners.
Way Systems has more than 25,000 mobile merchants as customers, using the company’s compact mobile POS technology and gateway services. VeriFone will immediately take over support of these merchants, officials said. In addition to its Woburn headquarters, Way Systems has offices in Shanghai, Hong Kong and Singapore.
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