News

Evertec acquires Chile-based PayGroup

July 11, 2017

Evertec Inc. a Puerto Rico-based payment processor, has completed the acquisition of EFT Group S.A., commercially known as PayGroup. According to a press release from Evertec, the purchase helps to solidly the company's position in the Latin American payments market.

Evertec currently operates in 25 Latin American nations, the release said.

Chile-based PayGroup offers payment processing and software services targeted primarily to financial institutions in Latin America.

The purchase price was approximately approximately $38.5 million, the release said.

Evertec networks process more than 2 billion transactions annually; the company also offers a suite of services for core bank processing, cash processing and technology outsourcing.

The company also owns and operates the ATH network, one of the leading PIN debit networks in Latin America, the release said.