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EVO Payments To Acquire Mexico City-Based SF Systems' Payment Gateway

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EVO Payments To Acquire Mexico City-Based SF Systems' Payment Gateway

EVO Payments, Inc. (NASDAQ: EVOP) announced a deal Wednesday to acquire the payment gateway assets of Mexico City-based SF Systems, which specializes in integrated payments solutions for large and small merchants.

What Happened

The terms of the acquisition were not disclosed. 

SF Systems has developed integrations with many of the largest point-of-sale systems in Mexico and has had a relationship with EVO since the latter company entered the Mexican market in 2015, according to the Wednesday announcement. 

The professionals who support SF Systems' gateway assets will join EVO as part of the deal. 

EVO said the acquisition provides it with a platform and technical expertise in Mexico that will facilitate future integrations with new software partners in the market. 

Why It's Important

"We are very pleased to announce EVO's acquisition of SF Systems' payment gateway, which will strengthen our position in the growing tech-enabled market in Mexico," Brendan Tansill, EVO's North American president, said in a statement. '

"With SF Systems' integrations to software solutions servicing mid-sized merchants and large national and multi-national companies, this acquisition will be a great asset for EVO, not just in Mexico, but across all of our markets."

SF Systems President Carlos Pino said the company is excited to leverage EVO's distribution and positioning in Mexico and elsewhere. 

"Additionally, we believe the integration of SF Systems to EVO's Snap platform will enhance the payments experience of our current customers."

What's Next

The acquisition is expected to be completed by the end of the third quarter and is subject to closing conditions, according to EVO. 

EVO shares were down 0.27 percent at $29.63 at the time of publication Wednesday. 

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Posted-In: point-of-sale SF Systems paymentsM&A News Best of Benzinga

 

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