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GlobalCollect to buy Latin American payment service provider Sub1

27 February 2012  |  1410 views  |  0 Source: GlobalCollect

GlobalCollect today announces a definitive agreement to acquire Sub1, the leading Payment Service Provider (PSP) in Latin America.

Headquartered in Buenos Aires, Sub1 has a 70% market share in Argentina and is growing throughout the Latin America region. The acquisition of Sub1 facilitates GlobalCollect's strategic intention to expand in Latin America and further contributes to the growth and ambition of GlobalCollect to be the leading e-PSP in the region. B2C e-commerce sales in Latin America are expected to grow from $33.9 Billion in 2012 to $55.4 Billion in 2015, according to research firm eMarketer.

Sub1 has over 15 years of experience in both Card Present (POS) and Card Not Present transaction processing in Latin America. The company is regarded in Latin America as the "gateway to gateways" with the highest number of payment connections in the region. Sub1 has built a reputation noted for its strong client service, platform reliability and speed to market.

"I am very excited about the acquisition. The combination of in-depth knowledge and experience regionally and globally makes Sub1 and GlobalCollect the forerunners in the Latin American ePayments market. I am convinced that this will be a game changing collaboration for ePayments in the region" said Bernardo Menendez , Chief Executive Officer of Sub1".

Thomas P. Staudt, Chief Executive Officer of GlobalCollect: - "Sub1 provides access to almost 50 payment connections throughout the Latin American region. Being one of the broadest levels already, they continue to add more. Through this acquisition, GlobalCollect will be able to accelerate the growth and offering in its primary countries in Latin America, notably Brazil, Chile, Argentina, Mexico, Columbia and Peru, and provide full service e-commerce PSP solutions through local acquirers for all regional or global payment methods and products. 

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