Elavon, a subsidiary of U.S. Bancorp, has acquired Collective Point of Sale Solutions Ltd in a deal that expands Elavon’s presence and distribution network in Canada and aligns with its global growth strategy.
“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,” Tom Boyer, president of North America for Elavon, said in a press release.
Collective POS, founded in 2001, provides customized payment processing and merchant services to small and medium-sized businesses. With more than 80 employees, it serves nearly 12,000 businesses across Canada and processes in more than $1 billion in debit and credit card transactions annually.
“We have a strong reputation as a trusted provider of payment solutions in Canada,” Michael Back, Collective POS president, said in the release. “We look forward to expanding our offerings and delivering even greater value and benefits to our customers in the Canadian market as a benefit of this acquisition.”
As part of the agreement, Back and other Collective POS executives will continue to work for Collective POS and will work closely with Elavon, the release said.
Financial terms of the agreement were not disclosed.