Mater Private Equity has sold PayGroup to Evertec, Inc.
PayGroup, a Chilean-based group that emerged from the integration of EFT Group and Uruguayan PayTrue, is the leading company in the development of transactional, payment, collection, card core (credit/debit/prepaid) solutions, fraud and AML (anti money laundering), with presence in more than 15 countries in Latin America. With 20 years of experience, the company was created by a group of entrepreneurial engineers who detected a need in the financial industry and developed a successful business idea, from which they were able to build a company that today competes in the most complex markets of the region and is a leader in Latin America.
Evertec (NYSE: EVTC)is a leading full-service transaction processing business in Latin America, providing a broad range of merchant acquiring, payment processing and business solutions services. The company manages a system of electronic payment networks that process more than 2.1 billion transactions annually and offers a comprehensive suite of services for core bank processing, cash processing and technology outsourcing. In addition, it owns and operates the ATH® network, one of the leading personal identification number (PIN) debit networks in Latin America. Based in Puerto Rico, Evertec operates in 19 Latin American countries and serves a diversified customer base of leading financial institutions, merchants, corporations and government agencies with mission-critical technology solutions.
Mater Fund Administrator started its operation in early 2010, from the association of a group of expert managers in administration of investment funds who, until then, operated under the name of UMM Capital, and Activa SpA, a LarraínVial company committed to private equity development.
Oaklins' team in Chile advised the seller in this transaction.
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