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EVERTEC Gets Boost From Puerto Rico Tax Gift

NEW YORK ( TheStreet -- EVERTEC (EVTC - Get Report) shares were gaining 3.8% to $20.75 on the San Juan, Puerto Rico-based company's first day of trading on the New York Stock Exchange.

Debra Borchardt:

Evertec is a transaction processing company. It just went public today on the New York Stock Exchange (NYX) . I'm here with the CEO, Peter Harrington. So your company is based mostly in the Caribbean area and this is an area that really has not gone as full force into electronic payments as say America so it seems like it's really got a high growth area for you.

Peter Harrington:

Today we're in all of the Caribbean and we're in all of the Central American countries as well as Columbia and Mexico and all of those markets are growing in the high teens, 20 percent in electronic payments and so think of it as cash being converted to an electronic payment.

Debra Borchardt:

You know, some people call you guys "The Square" of the Caribbean." Do you like that comparison or do you think you're different?

Peter Harrington:

We have such a breadth of products. That's one product and we have that but we have lots of payment products. We have the payment products across the entire chain as well as technology service products, so we're a lot more than just a square.

Debra Borchardt:

Puerto Rico gives you a nice tax preferential. Does that help you with your competition because you've got a little bit of a gift there?

Peter Harrington:

Certainly it helps. It helps because we can be very, very price effective. So we don't have the same cost structure obviously from a tax perspective and that allows us to be very, very cost aggressive if we need to win business.

Debra Borchardt:

Sixty nine percent of your shareholders are selling their stock on the IPO. Why is that, because usually the shareholders would want to retain their stock, correct?

Peter Harrington:

I just think that the time we have been carved out for two years. We've done all of the things we had to do to create a true stand-alone company today and I think we're just ready for the future and obviously the markets are very good.

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