Brazilian merchant acquirer and payment
processor Cielo is set to buy US global payment solutions Merchant
e-Solutions (MeS) for USD 670 million.

With the acquisition of MeS, Cielo hopes to
establish itself in the US market and introduce new services in
Brazil’s increasingly competitive card processing market.

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MeS processes around USD 14 billion in
transactions per year for 70,000 retailers on behalf of over 250
financial institutions according to figures released by the
company.

In a statement MeS said it will provide Cielo
with a platform that features:

  • end-to-end services to merchants in both retail and
    e-commerce;
  • a new suite of products and functionalities, along with better
    customer service through a web-based platform;
  • improved tools for partner banks, aimed at allowing better
    integration to their distribution channels and ensuring
    go-to-market strategies of their merchant acquiring value
    proposition;
  • e-commerce payment solutions, with functionality in
    Brazil.

With the move Cielo said it “gains a physical
presence in Silicon Valley, currently the epicentre of the digital
revolution in payments”.

Previously called VisaNet, Cielo is the
largest processor in Brazil with more than 1.2 million active
establishments. 

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Last year it captured 4.8 billion of
transactions. In 2010 the country’s government legislated to open
Brazil’s card processing industry up to competition, enabling Cielo
to process MasterCard and other networks and encouraging other
third-party processors to enter the market.