US Bancorp subsidiary Elavon has acquired CenPOS, a provider of online payment systems for large or mid-market companies and merchants.
CenPOS focuses on three industries including automotive, travel and entertainment (T&E), and general business-to-business transactions.
The company allows merchants to create deeper relationships with their customers via omnichannel technology solutions.
The distribution strategy and product capability of CenPOS complements Elavon’s assets.
Elavon said expectations from business owners are that software packages will come with payments acceptance and processing embedded and the company is looking for growth by integrating with these packages.
Elavon CEO Jamie Walker said: “Elavon recognizes the tremendous potential we have to bring greater value to our customers by integrating with software companies like CenPOS. More and more, businesses are choosing their payment provider based on the software solutions they use to manage other parts of their operations.
“With this acquisition, customers of both companies will benefit from the strengths and opportunities these organizations offer in important industry segments.”
Financial terms of the deal were not disclosed.
US Bank has a history in payments, with scale and experience in offering value to its customers. Elavon claims to accept and process payments on behalf of more than a million businesses in the US, Canada, Mexico and Europe.
The addition of CenPOS to the US Bancorp family helps achieve greater scales and payment capabilities, Elavon noted.
CenPOS CEO and co-founder Jorge Fernandez said: “The CenPOS team is elated to join Elavon. Elavon’s suite of payment products, coupled with the stability and array of financial offerings from U.S. Bank, gives CenPOS an unparalleled competitive edge in the market. Likewise, CenPOS’s technology brings new market expertise to Elavon’s current technology solutions.”
In September 2018, Elavon acquired Electronic Transaction Systems (ETS), a financial technology company based in Virginia.
The acquisition will allow the company to integrate payment processing into ETS’ software and offer businesses a safe and easy way to access Elavon’s services.