Payments processor Elavon is expanding its distribution network in Canada with a deal to acquire Toronto-based Collective Point of Sale Solutions.
The deal, announced Monday, is consistent with Elavon's strategy of bulking up in select foreign countries. The Atlanta company, a unit of U.S. Bancorp (USB), announced late last year that it was teaming up with Banco Santander to set up a joint payments processing venture in Spain.
Elavon already processes payments for merchants in Canada and its deal for the 12-year-old Collective Point of Sale Solutions would add roughly 12,000 small and midsize businesses to its network there. Collective Point of Sale Solutions processes roughly $1 billion of credit and debit transactions annually.
"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."
Collective Point of Sale Solutions has 80 employees. Elavon did not reveal how many of the employees it would retain, but it said that the firm's top executives, including President Michael Back, would remain in leadership posts at Elavon.