Elavon has acquired CenPOS, a Miami-based company offering integrated payment software solutions to large enterprises.
CenPOS focuses on three industry verticals: automotive, travel and entertainment, and general business-to-business transactions. This aligns well with Elavon’s strengths. In addition, CenPOS’ distribution strategy and product capability complement Elavon’s assets, all of which make the two entities an excellent fit.
Increasingly, business owners expect that the software packages they use to run their businesses will come with payments acceptance and processing embedded in the software offering. Elavon is paving a way to future growth by integrating with these software packages.
“Elavon recognises the tremendous potential we have to bring greater value to our customers by integrating with software companies like CenPOS,” said Jamie Walker, CEO of Elavon.
“More and more, businesses are choosing their payment provider based on the software solutions they use to manage other parts of their operations. With this acquisition, customers of both companies will benefit from the strengths and opportunities these organizations offer in important industry segments.”
“The CenPOS team is elated to join Elavon,” said Jorge Fernandez, CEO, who cofounded CenPOS with German Gonzalez. “Elavon’s suite of payment products, coupled with the stability and array of financial offerings from US Bank, gives CenPOS an unparalleled competitive edge in the market.
“Likewise, CenPOS’s technology brings new market expertise to Elavon’s current technology solutions.”
US Bank has a long history in payments, with scale and deep experience that offer a unique value to customers. Elavon accepts and processes payments on behalf of more than a million businesses in the United States, Canada, Mexico and Europe. Adding CenPOS to the U.S. Bancorp family will provide even greater scale and payments capabilities.
The acquisition closed on 8 January, 2019. Financial terms of the deal were not disclosed.