Payments processing firm Evertec has acquired gateway and payment service firm PlacetoPay (EGM Engineering Without Borders) for an undisclosed amount.

PlacetoPay primarily processes transactions for more than 900 businesses in Colombia and Ecuador.

Based in Puerto Rico, Evertec offers merchant acquiring, payment processing services and business solutions. The acquisition is expected to boost the company’s footprint in Latin America.

Evertec president and CEO Mac Schuessler said: “We are pleased to complete the acquisition of PlacetoPay which will strengthen our presence in Colombia.

“While this will not materially impact our 2020 results, we anticipate this gateway will become our primary digital offering in the region and contribute to our Latin America growth strategy.”

Evertec operates electronic payment networks, which are said to process more than two billion transactions per year. The company also provides core bank processing, cash processing and technology outsourcing services.

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The company’s system includes a personal identification number (PIN) debit network called ATH. It caters to financial institutions, merchants, corporations and government agencies in 26 Latin American markets.

In July 2017, Evertec acquired Chile-based PayGroup, which offers payment processing and software services to financial institutions in Latin America. This acquisition was also in line with the company’s strategy to invest in the Latin American market.