WorldPay Group, of London, has acquired Cobre Bem Tecnologia, one of the largest payment processors in Latin America.
The acquisition closed on April 30, 2014, WorldPay said in a May 1 announcement. The companies did not disclose the price of the transaction.
The acquisition "will further strengthen" WorldPay's global outreach by allowing WorldPay customers to access more payment offerings in Brazil, Argentina, Colombia, Chile and Mexico, WorldPay says in the press release.
Cobre Bem is headquartered in Brazil and has offices in Rio de Janeiro and in Sao Paulo. It handles single point access payments including eight different credit and debit cards types. It also supports direct online transfers through more than 20 banks. Following the acquisition, Cobre Bem will continue to operate its current business model while its management team will join WorldPay's eCommerce business unit.
WorldPay said it plans to make additional investments in Cobre Bem's technology and product offering. The companies will combine Cobre Bem's products with WorldPay's Relationship Management, Corporate Support and Implementation.
The acquisition of Cobre Bem "underlines our commitment to offering our customers maximum global reach through a single technical connection," says Floris de Kort, managing director of WorldPay's eCommerce division, in the release.