Elavon acquires CenPOS for payments push
Elavon, a payments provider and subsidiary of US Bancorp, has acquired CenPOS, a Miami-based company offering integrated payment software solutions.
Financial terms of the deal were not disclosed. CenPOS focuses on three industry sectors – automotive, travel and entertainment (T&E), and general business-to-business transactions, which “aligns well with Elavon’s strengths”.
Jamie Walker, CEO of Elavon, says: “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 organisations offer in important industry segments.”
According to Elavon, expectations are that software packages will come with payments acceptance and processing embedded. It is looking for growth by integrating with these packages.
Elavon provides processing solutions and services to more than 1.3 million customers in the US, Europe, Canada, Mexico, and Puerto Rico.
For its part, US Bancorp, with 74,000 employees and $465 billion in assets as of 30 September 2018, is the parent company of US Bank, the fifth-largest commercial bank in the country.
Also in September 2018, Elavon acquired Virginia-based fintech Electronic Transaction Systems (ETS). The acquisition will allow Elavon to integrate payment processing into ETS’ software, and to provide businesses access to Elavon’s services.