EVO Announces Acquisition of Pago Fácil Gateway in Chile

Rhea-AI Summary

EVO Payments, Inc. (NASDAQ: EVOP) has agreed to acquire Pago Fácil, a prominent eCommerce payment gateway in Chile, through its joint venture with Bci. This acquisition brings approximately 3,000 merchants to the JV, enhancing EVO's integrated payment solutions. Founded in 2018, Pago Fácil specializes in digital payment solutions, including eCommerce software integrations. The deal is expected to close in early June and aims to strengthen EVO’s market position and expand its services throughout Latin America.

Positive

• Acquisition of approximately 3,000 merchants enhances EVO's market reach.
• Strengthens integrated payment solutions and technology capabilities.
• Expansion potential into Mexico and other Latin American markets.

Negative

• None.

EVO Payments, Inc. (NASDAQ: EVOP) (“EVO”), a leading global provider of payment technology integrations and acquiring solutions, today announced entry into an agreement to acquire Pago Fácil, a leading eCommerce payment gateway in Chile, in partnership with its joint venture with Bci, Bci Pagos (the “JV”). The acquisition delivers approximately 3,000 merchants to the JV and expands its in-market integrated payment solutions and technology capabilities which will enhance EVO’s acquiring services and attract new customers.

Founded in 2018 by Cristian Tala Sanchez, Pago Fácil offers an array of digital payment solutions, including acquiring services, eCommerce software integrations, and value-added solutions. EVO will also leverage Pago Facil’s gateway capabilities to enhance its business in Mexico as well as other markets across Latin America EVO enters in the future.

“We are very pleased to announce the acquisition of Pago Fácil following the recent operational approval of our joint venture in Chile” stated James G. Kelly, EVO’s CEO. “Pago Fácil will enhance our position in the market by providing us additional gateway customers to target for acquiring services and integrations to eCommerce referral partners to augment the JV’s bank referral channel. Cristian and his team will bring significant eCommerce expertise across product, technology, sales and support. eCommerce has experienced enormous growth globally during the pandemic, and we expect an enduring change in consumer spending habits. We are excited to leverage Pago Fácil in Chile and across Latin America as we look to expand our footprint in the region.”

Eugenio von Chrismar, CEO of Bci, highlighted that the incorporation of Pago Fácil will bring benefits for SMEs and other businesses, adding, “With this acquisition we are strengthening our payment platform and our ability to support thousands of businesses to strengthen and develop their eCommerce capabilities. We believe that this is key to improve the competitiveness and productivity of enterprises, SMEs and other businesses that operate in Chile. This acquisition also demonstrates our commitment to find spaces for collaboration and development of synergies between banks and Fintech companies in Chile.”

Cristian Tala Sanchez, Founder, Pago Facil, added, “Throughout 2020, our business demonstrated tremendous growth, including significant increases in processed transactions and payment volumes. We are excited to work with EVO and Bci, leveraging their payment capabilities and extensive customer base, to continue to grow our business and provide best-in-class eCommerce solutions in Chile and across Latin America. By joining forces with two leading organizations, we will greatly enhance our financial technology offering, which will benefit our existing relationships and enable us to attract new customers as well.”

The acquisition is expected to close in early June.

Forward-Looking Statements

This release contains statements about future events and expectations that constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties and other factors that could cause actual results to differ materially from those indicated in such forward-looking statements, including, but not limited to: the ability of EVO and the joint venture to implement plans and other expectations with respect to Pago Fácil’s business; and the other risks, uncertainties and important factors contained and identified (including under the heading "Risk Factors") in EVO’s filings with the Securities and Exchange Commission, any of which could cause actual results to differ materially from the forward-looking statements. The forward-looking statements included in this release are made only as of the date hereof and, except for EVO’s ongoing obligations under applicable securities laws, EVO undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

About EVO Payments, Inc.

EVO Payments, Inc. (NASDAQ: EVOP) is a leading payment technology and services provider. EVO offers an array of innovative, reliable, and secure payment solutions to merchants ranging from small and mid-size enterprises to multinational companies and organizations across the globe. As a fully integrated merchant acquirer and payment processor in over 50 markets and 150 currencies worldwide, EVO provides competitive solutions that promote business growth, increase customer loyalty, and enhance data security in the international markets it serves.

About Bci

Banco de Crédito e Inversiones (SSE: Bci) is Chile’s third-largest private bank. Founded more than 80 years ago, it has more than 250 banking centers throughout Chile and more than 11,500 employees. It has operations in Miami and representative offices in Mexico, Lima, Sao Paulo, Bogota and Shanghai. In the US, Bci owns and operates the Bci Miami branch, Bci Securities and City National Bank, which was acquired in 2015, making Bci the first Chilean financial institution to own a bank in the United States.

Bci is recognized by its peers because of its high corporate governance standards, transparency and financial strength. Throughout the past 6 consecutive years, Bci has been awarded by World Finance Banking as the “Best Banking Corporation” and “Best Private Bank”, as well as garnered first place on the “Chilean Customer Satisfaction Index”. Bci has also been recognized in the 3rd place in the “Best Place to Work” Ranking in Chile in 2020 (1st in 2019) and also “Best Corporate Reputation in Chile” by Merco for the past 10 years, among other recognitions related with Corporate Governance, Corporate Social Responsibility and Financial Inclusion.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210603005597/en/

FAQ

What is the significance of EVO Payments acquiring Pago Fácil?

The acquisition enhances EVO's market presence by adding around 3,000 merchants and strengthening its integrated payment solutions in Chile and potentially across Latin America.

When is the acquisition of Pago Fácil expected to close?

The acquisition is expected to close in early June.

How will the acquisition of Pago Fácil impact EVO Payments' business?

The acquisition is expected to attract new customers and enhance the services offered through the joint venture with Bci, improving EVO's competitive position in the market.

Who founded Pago Fácil and when?

Pago Fácil was founded in 2018 by Cristian Tala Sanchez.

What types of services does Pago Fácil provide?

Pago Fácil offers a range of digital payment solutions, including acquiring services and eCommerce software integrations.