Worldpay Group today announced that it has acquired Cobre Bem Tecnologia, a leading provider of payment solutions in Latin America, for an undisclosed amount.
With this transaction, Worldpay's eCommerce division will further strengthen its global reach, giving its customers access to a wide range of payment products in Brazil, Argentina, Colombia, Chile and Mexico.
Established in 1995, Cobre Bem is a payment service provider that offers single point access to popular local payment methods in Latin America, including eight different credit/debit card types and more than 20 banks for direct online transfers, direct debit and Boleto Bancario. The company is headquartered in Brazil and has offices in Rio de Janeiro and Sao Paulo.
Floris de Kort, Managing Director of Worldpay's eCommerce division, said: "The acquisition of Cobre Bem underlines our commitment to offering our customers maximum global reach through a single technical connection. The combined Worldpay / Cobre Bem product offering is unrivalled on a global scale and allows our customers to reach any consumer, anywhere, in a currency and with a payment method that they are familiar with."
Following the acquisition, Cobre Bem will continue to operate its current business model, and the existing Cobre Bem management team will join the senior leadership of Worldpay's eCommerce business unit. In addition, Worldpay has committed to further investments in Cobre Bem's technology and product offering, as well as to bringing Worldpay functions such as Relationship Management, Corporate Support and Implementation to Sao Paulo and Buenos Aires - guaranteeing a consistent customer engagement model around the world.
Cobre Bem founder and CEO, Fernando Monteiro, commented: "We are delighted to be joining the Worldpay team and see a unique window of opportunity to create a truly differentiated, market-leading proposition for global merchants."
The acquisition of Cobre Bem successfully closed on April 30, 2014.