Electronic payments technology provider Verifone has entered into an agreement to buy Payment as a Service provider InterCard AG.

The deal serves to expand Verifone’s reach and available services in Europe. Terms of the deal were not announced in the Nov. 9 news release. 

“This announcement reaffirms our commitment to meeting the needs of our retail clients who are increasingly seeking new services and assistance as they grow across Europe,” said June Felix, president of Verifone Europe, in the release. “The acquisition of InterCard will provide retailers with access to a fuller suite of payment acceptance services across the continent.”

Munich, Germany-based InterCard provides payment services such as terminal sales and leasing, field support, installation and maintenance and gateway services. InterCard is a long-time partner with Verifone, according to Verifone Germany general manager Markus Hoevekamp. The combination of the two companies will allow them to better address the growing market for cashless payments in Germany.

The deal is subject to the approval of the German Federal Financial Supervisory Authority (BaFin) and the German Federal Cartel Office (Bundeskartellamt).

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