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VeriFone Holdings Inc. said Monday it expanded into South Korea with the acquisition of Orange Logic Ltd., a payment systems provider in that country.

San Jose-based VeriFone (NYSE:PAY) did not disclose terms of the deal.

With the acquisition, VeriFone said, it gained staff and infrastructure to introduce its secure electronic payment product line into the Republic of Korea, along with an existing domestic product line and customer base.

"Although South Korea is second only to the U.S. market with more than 2.5 million deployed electronic payment systems, only 10 percent to15 percent of those meet government security requirements for compliance with the international EMV standard," the company said.

Orange Logic was founded in 2004 and has primarily been supplying electronic payment devices to customers in the South Korean retail and banking segments.

Orange Logic will operate as VeriFone Korea and will continue to manufacture the existing Orange Logic product family.

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