The acquisition will strengthen the acquirer’s presence and distribution network in Canada and aligns with its global growth strategy in strategic markets.
Elavon North America president Tom Boyer said, "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."
Based on the terms of the deal, Back and the Collective POS executives will continue in their management role at Collective POS and work closely with Elavon to support the 80 existing employees at the company.
Set up in 2001, Collective POS serves approximately 12,000 businesses across Canada and processes in excess of $1bn worth of debit and credit card transactions annually.
Elavon’s Global Acquiring Solutions organization delivers continuous payment processing services to over one million merchants in the US, Europe, Canada, Mexico, Puerto Rico and Brazil.
