Deal Fuels Elavon’s Global Growth by Expanding Payment Offerings
in Canada
Elavon, a leading global payments provider and wholly-owned subsidiary
of U.S. Bancorp (NYSE: 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 (NYSE: USB) group of companies.
