Equinox Payments, a high security electronic transactions solutions provider has named Patrick Hazel as chairman and chief executive officer of the company. Hazel has been a member of the Equinox board of directors since November, 2011. Equinox is a Gores Group portfolio company.
Equinox Payments, LLC, a leading high security electronic transactions solutions provider and a portfolio company of The Gores Group, LLC, today announced that Patrick K. Hazel has been named Chairman and Chief Executive Officer of the company. Mr. Hazel has been a member of the Equinox Board of Directors since November, 2011.
“I am especially appreciative of The Gores Group commitment to build a major payments brand. Equinox is well positioned to continue to take share as a result of its leading products and innovative services,” said Mr. Hazel. “During the next era of this dynamic sector, Equinox intends to provide access and opportunity for customers and partners to take full advantage of the coming convergence of payments and merchandising.”
Equinox Payment Systems is an entity formed by The Gores Group to grow the North American assets of the former Hypercom which were spun-out during the anti-trust settlement between the U.S. Department of Justice and VeriFone. Equinox is currently the second largest provider of payment acceptance devices to the U.S. market.
Mr. Hazel was previously the President and Chief Executive Officer of Semtek Corporation, a security technology firm acquired by VeriFone in 2010 that has since become the leading provider of end-to-end security in the card-payments sector.
Ryan Wald, Managing Director of The Gores Group, commented that “We believe Equinox is ideally positioned as the solution of choice to large retailers and payment processors as they seek a partner to grow and innovate alongside them. We are enthusiastic about Mr. Hazel’s appointment and the unique insight he brings to the industry.”
Clint Jones, President of Equinox Payments added, “Patrick Hazel has been a very effective force in re-positioning Equinox since its purchase by Gores Group. We are all looking forward to his leadership as we move rapidly towards our future as a key payments industry enabler.”
About Equinox Payments, LLC
Equinox Payments, headquartered in Scottsdale, Arizona and formerly known as Hypercom USA, is a leading high security electronic transactions solutions provider. Through its commercial offices in the United States, Latvia and Australia, Singapore and a service repair facility in Mexico, Equinox’s more than 225 employees deliver secure payment terminals, applications and services to hundreds of thousands of merchants.
About The Gores Group, LLC
Founded in 1987 by Alec E. Gores, The Gores Group, LLC is a private equity firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm’s operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, LLC has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. Headquartered in Los Angeles, California, The Gores Group, LLC maintains offices in Boulder, Colorado and London.
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