Payments processor EVO Payments International announced that it has acquired PowerPay, a point-of-sale payment processing solutions provider headquartered in Portland, Maine which supports a portfolio of 55,000 merchants with a total annual sales volume of more than $8 billion. The acquisition comes while the burners are still hot from EVO’s last
deal with Deutsche Bank’s Deutsch Card Services department which further promoted EVO on the global forefront of credit card processing payments. In addition to PowerPay’s clients, EVO currently services a portfolio with over 275,000 merchant customer businesses totaling a processing volume of more than $31 billion in 2012.
The EVO team speaks optimistically about their recent advancement; “The acquisition will create substantial value for EVO and its customers by bolstering its best-in-class merchant services technology, solutions, and programs necessary to foster growth and maintain a competitive edge,” says Ray Sidhom, Chairman for EVO Payments International. “Our acquisition of PowerPay and its leading E-Commerce platform represents the next step in EVO’s evolution to become a significant leader in the electronic payments sector,” said Jeff Rosenblatt, President of EVO Payments International. “In our efforts to further provide our merchant customers with industry-leading service and flexible solutions, we are excited to leverage our strong synergy with PowerPay to continue meeting these goals.”
The acquisition agreement is effective immediately and still keeps Jim Raftice, president of PowerPay, maintaining say in the company’s future growth strategies.
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