New York based privately-held payments processor EVO Payments International has acquired PowerPay, which offers integrated E-Commerce and point-of-sale (POS) payment processing technologies, for an undisclosed sum.
EVO Payments International chairman Ray Sidhom said the deal will provide merchant services technology, systems, and programs essential to promote its growth and maintain a competitive edge.
The latest acquisition follows EVO’s takeover of Deutsch Card Services, which will strengthen its global presence.
PowerPay founder and former CEO Stephen Goodrich said, "The combined offerings, of both companies including international solutions, E-Commerce, software integration and agent models, will offer enhanced opportunities to all merchants as well as to multiple VAR, ISO and agent partners."
Under terms of the agreement, Jim Raftice, president of PowerPay, will continue in his current role and be accountable for overseeing the company’s future growth strategies.
PowerPay supports a portfolio of 55,000 merchants with a total annual sales volume of over $8bn and relationships with over 15,000 VARs and agents.
Having managed annual processing volume of $31bn in 2012, EVO serves 275,000 merchant customer businesses of all sizes, including financial institutions, government organizations, and multinational corporations located throughout the US, Canada and Europe.