EVERTEC closes controlling stake acquisition in Tecnobank

EVERTEC, Inc. (NYSE: EVTC) completed the acquisition of a controlling stake in Tecnobank Tecnologia Bancária S.A., a fintech vendor specializing in Brazil's digital vehicle financing contract registration sector, according to a press release statement.

The transaction was executed through EVERTEC's wholly-owned subsidiary Evertec Brasil Informática S.A. Tecnobank operates in Brazil's digital vehicle financing contract registration market.

"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. "Further, this acquisition scales our footprint in the rapidly-growing Brazilian market as we look to continue our momentum across Latin America."

EVERTEC operates as a transaction processor and financial technology provider in Latin America, Puerto Rico and the Caribbean. The company owns and operates the ATH network, a PIN debit network in Latin America, and manages electronic payment networks. The company processes over ten billion transactions annually and operates in 26 Latin American countries.

The acquisition expands EVERTEC's presence in Brazil's financial technology sector through the addition of Tecnobank's digital vehicle financing services.

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