VeriFone Buys WAY Systems

San Jose-based VeriFone Systems said this morning it has acquired the assets of WAY Systems, a developer of mobile, point-of-service (POS) products and gateways for merchants. According to VeriFone, it will pay $6M upfront and up to $3M in earnout, based on performance targets, for WAY. WAY Systems has raised more than $50M in funding, from Bill Melton, the founder of VeriFone, plus Bessemer Venture Partners, Austin Ventures, and Lighthouse Capital Partners. WAY Systems was based in Boston.