First Data, a commerce-enabling technology provider, has bought Brazilian electronic funds transfer (EFT) solutions provider Software Express.
Financial terms of the deal were not revealed.
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Software Express offers a payments gateway, a multi-acquirer EFT, multi-acquirer EFT POS, reconciliation, and automated recurring payments.
The business, which services over 100,000 merchants, will retain its brand.
Together, the companies are said to be a “leader” in electronic payments.
According to First Data, the combined group will support retail clients, cards schemes, financial institutions as well as telecoms of various sizes.
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By GlobalDataFirst Data executive vice president of Latin America Gustavo Marin said: “We will be able to expand the current Software Express portfolio within First Data’s global platforms, and in 2019, the two companies expect to process more than 15 billion transactions in Brazil.”
Marin believes the deal to be “extremely positive” for the two parties involved.
Software Express CEO Henrique Ribeiro Filho too welcomed the deal, stating that it will speed up the firm’s growth process.
Filho noted: “Software Express is accredited by all acquirers and has a broad portfolio offering including EFT, recharge servers for prepaid phones, front-end processor software, and correspondent banking software, among other services.
“Our clients will now benefit from First Data’s global expertise and knowledge, opening up additional possibilities for our clients, partners and employees.
