Friday, February 19, 2010

Hypercom In Joint Venture

Scottsdale, Arizona-based Hypercom Corporation, a provider of electronic payment services, and investment firm The McDonnell Group, announced yesterday that the two have closed on the formation of a joint venture. The two said they are developing a new, cost effective data communications service for payment processors, banks, and retailers. Financial details of the joint venture were not disclosed. The new joint venture, Phoenix Managed Networks, will acquire and operate Hypercom's secure transaction business, and hire thirteen staff from Hypercom. The new business will be headed by Matthew Mudd.