Elavon Acquires Canadian Merchant Processor Collective Point of Sale Solutions
Deal Fuels Elavon's Global Growth by Expanding Payment Offerings in Canada
ATLANTA--(BUSINESS WIRE)-- Elavon, a leading global payments provider and wholly-owned subsidiary of U.S. Bancorp (NYS: USB) , has acquired Collective Point of Sale Solutions Ltd. (Collective POS) in Toronto, Canada. The deal expands Elavon's presence and distribution network in Canada and aligns with Elavon's global growth strategy in strategic markets.
"The opportunities for Elavon to leverage Collective POS' solutions and established customer base in Canada will deliver the best of both companies' offerings to the Canadian marketplace," said Tom Boyer, President of North America for Elavon. "Establishing a greater presence in the Canadian market is in line with Elavon's global growth plans."
Founded in 2001, Collective POS is known for providing innovative, customized payment processing and merchant services to entrepreneurs and owners of small to medium-sized businesses in Canada. With more than 80 employees, Collective POS serves nearly 12,000 businesses across Canada and processes in excess of $1 billion worth of debit and credit card transactions annually.
"We have a strong reputation as a trusted provider of payment solutions in Canada," said Michael Back, president of Collective POS. "We look forward to expanding our offerings and delivering even greater value and benefits to our customers in the Canadian market as a benefit of this acquisition."
As part of the agreement, Back and the Collective POS executives will continue in their leadership role at Collective POS and will work closely with Elavon to align the 80 existing employees' at the company with the needs of Elavon in Canada.
The financial terms of the agreement were not disclosed.
About Elavon (www.elavon.com): Elavon's Global Acquiring Solutions organisation provides end-to-end payment processing services to more than one million merchants in the United States, Europe, Canada, Mexico, Puerto Rico and Brazil. Elavon markets solutions including credit and debit card processing, gift cards, dynamic currency conversion, multi-currency support, and cross-border acquiring through multiple alliance channels including financial institutions, trade associations and third party sales agents. Elavon's suite of solutions is tailored to meet the needs of merchants in specialized markets such as small business, retail, hospitality/T&E, health care, education and the public sector. European activities are conducted through Elavon Financial Services Limited, an Irish registered bank headquartered in Dublin, which is a wholly owned subsidiary within the U.S. Bancorp (NYS: USB) group of companies.
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