This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

EVO Payments International Acquires PowerPay

MELVILLE, N.Y., Dec. 6, 2012 /PRNewswire/ -- EVO Payments International, one of the nation's largest privately held credit card processors, today announced that it has acquired PowerPay, a premier provider of integrated E-Commerce and point-of-sale (POS) payment processing solutions headquartered in Portland, Maine.

Ray Sidhom, Chairman for EVO Payments International, stated, "The acquisition will create substantial value for EVO and its customers by bolstering its best-in-class merchant services technology, solutions, and programs necessary to foster growth and maintain a competitive edge."  The PowerPay transaction comes on the heels of EVO acquiring Deutsche Bank's Deutsch Card Services headquartered in Europe, greatly expanding EVO's global footprint.

EVO currently services 275,000 merchant customer businesses of all sizes, in various industries, focusing on small to mid-sized merchants.  The company's annual processing volume will total more than $31 billion in 2012.

"Our acquisition of PowerPay and its leading E-Commerce platform represents the next step in EVO's evolution to become a significant leader in the electronic payments sector," said Jeff Rosenblatt, President of EVO Payments International.  "In our efforts to further provide our merchant customers with industry-leading service and flexible solutions, we are excited to leverage our strong synergy with PowerPay to continue meeting these goals."

Stephen Goodrich, founder and former CEO of PowerPay who has left the company to pursue other interests, added, "The combined offerings, of both companies including international solutions, E-Commerce, software integration and agent models, will offer enhanced opportunities to all merchants as well as to multiple VAR, ISO and agent partners."

Jim Raftice, President of PowerPay, will continue in his current role and will be responsible for leading the company's future growth strategies.  In commenting on the transaction, Raftice stated, "EVO Payments International has been a reliable and trusted partner of PowerPay for over 10 years and I look forward to working more closely with the EVO executive management team to pursue even greater growth opportunities both here and abroad."  PowerPay currently supports a portfolio of 55,000 merchants with a total annual sales volume of more than $8 billion and relationships with over 15,000 VARs and agents.

The acquisition agreement is effective immediately. Terms of the transaction were not disclosed.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs