EVO Payments Acquires Remaining Interest in Federated Payment Systems, an Existing Minority Owned Subsidiary, and Its Canadian Affiliate
ATLANTA, Sept. 28, 2018 (GLOBE NEWSWIRE) -- EVO Payments, Inc. (NASDAQ: EVOP) (“EVO” or “the Company”), a leading global provider of payment technology integrations and acquiring solutions, announced today the acquisition of the remaining LLC equity interests in Federated Payment Systems, LLC, as well as its Canadian based related business (collectively, “Federated”). EVO was an initial investor in Federated in 1999. Federated provides direct merchant acquiring services across the United States and Canada from its headquarters in Melville, NY.
“The acquisition aligns well with EVO’s direct US merchant sales strategy and provides an opportunity to accelerate growth in this line of business. Additionally, the acquisition expands cross-sell opportunities within the Federated merchant base as we work closely with our technology ISV partners,” said Brendan Tansill, EVO’s President, North America. “We see Federated’s business model as complementary to our existing direct sales efforts as the company already relies on our infrastructure and follows our business practices, allowing EVO to seamlessly integrate the business into our organization.”
Over the last 20 years, EVO funded a number of startup sales organizations, such as Federated, and this transaction follows seven previous EVO subsidiary buyouts completed in the last five years.
We expect that the transaction will generate approximately $13-$15 million in additional revenues in 2019.
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 North America and Europe. 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 markets it serves.
Forward Looking Statements
This announcement includes forward-looking statements. Forward-looking statements are subject to risks and uncertainty. They are not guarantees of future performance, and the Company’s actual results could differ materially from the expectations expressed or implied in any forward-looking statements. You should not put undue reliance upon them. Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecast,” “outlook,” “target,” “should,” “could,” “would,” “will” and comparable words are a common way to identify forward-looking statements. Examples of forward-looking statements contained in this release include statements about the Company’s expected future revenues as a result of the transaction. Actual results may differ from those contained in any forward-looking statements made in this release for a variety of reasons, including those described in “Risk factors” and “Forward-looking statements” including the risks listed under “Item 1A. Risk factors,” contained in the Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2018.
Contact:
Sarah Jane Schneider
Investor Relations & Corporate Communications Manager
770-709-7365
