Street Calls of the Week
SAN JUAN - Evertec, Inc. (NYSE:EVTC), a payment technology company with a market capitalization of $2.15 billion, announced Thursday that it has completed its previously disclosed acquisition of a controlling stake in Tecnobank Tecnologia Bancária S.A., a fintech vendor specializing in Brazil’s digital vehicle financing contract registration sector.
The transaction was executed through Evertec’s wholly-owned subsidiary, Evertec Brasil Informática S.A., according to a company press release.
"We are excited to welcome the Tecnobank team to Evertec, strengthening our financial technology capabilities and opening new avenues for growth," said Mac Schuessler, President and CEO of Evertec. "This acquisition scales our footprint in the rapidly-growing Brazilian market as we look to continue our momentum across Latin America."
Evertec, headquartered in Puerto Rico, provides merchant acquiring, payment services and business process management services throughout Latin America, Puerto Rico and the Caribbean. The company owns and operates the ATH network, a personal identification number debit network in Latin America.
The financial terms of the transaction were not disclosed in the announcement. The acquisition is part of Evertec’s expansion strategy in Latin America, where it currently operates in 26 countries serving financial institutions, merchants, corporations and government agencies.
The company processes over ten billion transactions annually through its electronic payment networks and core banking services.
In other recent news, Evertec Inc. reported its second-quarter 2025 earnings, surpassing analyst expectations with an adjusted earnings per share (EPS) of $0.89, compared to the forecast of $0.85. The company also achieved higher-than-expected revenue, reporting $230 million against the anticipated $222.23 million. Additionally, Evertec has completed the acquisition of a significant 75% stake in Tecnobank Tecnologia Bancária S.A. for approximately $144 million, pending regulatory approval from Brazil’s Administrative Council for Economic Defense. The company also announced executive leadership changes, appointing Joaquín A. Castrillo as Senior Executive Vice President and Chief Operating Officer, effective November 1.
Furthermore, Evertec disclosed unauthorized transactions at its Brazilian subsidiary, Sinqia S.A., involving approximately R$710 million in unauthorized activity within the Brazilian Central Bank’s Pix payment system. As a result, Sinqia’s transaction processing in the Pix environment has been halted pending regulatory review. Evertec has engaged external cybersecurity experts to address the issue. These developments reflect the company’s ongoing strategic moves and challenges in the Brazilian market.
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