Hatim A Tyabji, the India-born former chairman, president and chief executive officer of Verifone Inc, plans to start an infotech (IT) company. Tyabji, who formally leaves Verifone -- a global leader in the pivotal payment market -- in December, has decided not to compete with the now HP (Hewlett-Packard)-controlled Verifone in any way.
"Like what I did for e-commerce with Verifone, I'll create a new industry. I'll define it and implement it," Tyabji, the chief architect of the 'smart-card' payment system, said in an interview with Business Standard.
According to him, India is likely to play a key role in the creation of his next venture.
Tyabji, who was born in Mumbai and holds an electrical engineering degree from the College of Engineering, Pune, says he has yet to draw a `blue print' of the proposed company. But, he added that he is keenly watching the emerging technologies in the IT industry. "India will play a pivotal role in the creation of the new company," he says. "But, first, I want to finish my obligations at Verifone."
When Hatim left Sperry Corporation to take over Verifone, it resulted in the creation of a transaction automation industry worldover. This spun off a host of industry standards like smart card, cashless transaction, and electronic money.
"When we spoke of creating a seamless payment system in Verifone, people thought we were crazy. It was impossible for them to think of a payment without paper transaction. But, five years down the line, it has become industry standard," Tyabji says.
Verifone, a $31.2 million company when Tyabji took over in 1986, grew to over $600 million in 1997. "I didn't know a thing about e-commerce. Had no idea what the banking industry was. But, in the end, we've created a whole new industry called transaction automation," Tyabji said.
The announcement of Tyabji quitting Verifone marked HP's complete takeover of the company. Even after HP's takeover in 1977 spring, Verifone continued to operate as an independent wholly-owned organisation under Tyabji. Tyabji's major accomplishments include leading VeriFone's initial public offering in 1990 and helping to move the company into the emerging world of electronic commerce through the Internet with the acquisition of EIT in 1995.
Life in the west was never the same after Verifone diversified into providing complete solutions worldwide, serving retail merchants, petroleum service stations and convenience stores, supermarkets, healthcare providers, government agencies, and consumers.
The company has shipped more than six million systems, supporting more than 2000 applications, to customers in more than 100 countries.
Tyabji negotiated a merger of the company with Hewlett-Packard, in a one-for-one stock transaction, valued at about $ 1.4 billion.
Now he serves on the board of Deluxe Corporation, a $2 billion NYSE supplier of payment services; Best Buy, a $9 billion retailer; and Bank of America Merchant Services (BAMS) among others.
