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Verrus announces its acquisition by PayPoint plc

Verrus Mobile Technologies Inc. is pleased to announce that it has been acquired by PayPoint plc, a leading European cash and internet payments company. PayPoint is a UK listed FTSE 250 company and handles over US$14 billion of
payments from almost 550 million transactions annually for more than 6,000 clients and merchants.

The existing Verrus management team in North America and the UK will continue to run the business, one of the world’s leading mobile parking payment platforms. There will be no change in the day to day operations or technology platform currently utilized by Verrus clients. However, the acquisition will benefit clients by allowing Verrus to offer a broader range of cost effective services and access to a robust and secure global payment processing network.

Desmond Griffin, CEO of Verrus Inc. said
“We are delighted to announce this corporate transaction. We have wanted to bring Verrus Inc. and Verrus UK together for some time to provide economies of scale, and to bring on board a strategic partner to help us grow the business internationally. The acquisition by PayPoint allows us to do both of these. PayPoint will bring enormous strategic value to Verrus – allowing us to enhance the PayByPhone service by allowing us to develop a broader range of payment services for existing and new clients. It will also allow us to invest more heavily in product development and the core platform underpinning the service. All of us at Verrus are very excited at the opportunities that this
transaction will bring.”

David Newlands, Chairman of PayPoint plc said
“Verrus is an important acquisition for PayPoint and a key development in our strategy of broadening our payment services capabilities. Strong demand for PayByPhone, interesting crossover opportunities with our existing client
base for a new payment channel and opportunities to extend the Verrus application to other services make Verrus a powerful addition to PayPoint’s payment service offering. We are delighted to welcome Verrus’ employees to PayPoint.”

Verrus looks forward to continuing to work with the parking industry and other vertical markets to deliver cost effective payment solutions that require no capital investment and support secure cashless payments by cell phone.

About Verrus
The Verrus PayByPhone service is live in over 100 municipalities across North America and Europe including Vancouver, Miami, Washington D.C., London, Sydney and Paris. In addition to dealing with public authorities, it also has contracts with a number of private parking operators such as Vinci, Standard, Impark, and NCP.

About PayPoint plc
PayPoint is the leading cash and internet payments company in the UK, with operations also in Ireland and Romania. It handles over US$14 billion from almost 550 million transactions annually for more than 6,000 clients and merchants. PayPoint is traded on the London Stock Exchange (PAY.L) and is widely recognized for its leadership in prepayment systems, smart technology and consumer service.

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Verrus announces its acquisition by PayPoint plc

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