EVERTEC, a payment processing and switching solutions provider in Puerto Rico, has completed the acquisition of 65% of the share capital of Colombian payment processor Processa.
The remaining 35% of stake will be retained by Caja de Compensación Familiar, the second largest social funds administrator in Colombia.
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EVERTEC president and CEO Mac Schuessler said: "We are pleased to have completed the acquisition of Processa and welcome the Processa team and customers to EVERTEC."
In September 2015, EVERTEC agreed to pay nearly $5.4m to purchase 65% stake in Processa.
EVERTEC offers a variety of merchant acquiring, payment processing and business solutions services, while Processa offers electronic payments processing and business solution processing for financial institutions, nongovernmental welfare funds and merchants.
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By GlobalData
