Evo Payments Buys E-Commerce Payment Company
Evo Payments joins a growing list of companies investing in e-commerce and mobile payment companies
Evo Payments International has acquired PowerPay, a company that provides e-commerce and point-of-sale payment-processing services.
The acquisition of PowerPay, headquartered in Portland, Maine, is the next step to the company becoming a significant leader in the electronic-payments sector, says Jeff Rosenblatt, president of Evo.
Evo purchased the credit card business of Deutsche Bank, Deutsche Card Services, in November.
The company, based in Melville, N.Y., serves 275,000 merchant businesses. Terms of the transaction were not disclosed. The deal was announced Dec. 6.
The company joins a line of others looking to expand mobile-payment technology. Global Payments Inc. (NYSE: GPN) paid $413 for Accelerated Payment Technologies Inc. in August. In July, PayPal bought card.io, which allows credit card information to be scanned using a mobile phone camera. Starbucks Coffee Co. (Nasdaq: SBUX) invested $25 million in payer application Square.
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