BRAZIL | Cielo SA, a Brazil-based payments processor, plans to buy Merchant e-Solutions, a U.S.-based processor whose services include e-commerce and mobile payments. Cielo will pay $670 million for the U.S. firm and use its technology to boost its services in Brazil.
The U.S. digital payment services firm will help Cielo expand in South America.
Merchant e-Solutions serves at least two e-retailers in the Internet Retailer Top 500 Guide: Motorcycle Superstore Inc. (No. 186) and Envelopes.com (No. 475). Merchant e-Solutions annually processes $14 billion worth of transactions for some 70,000 retailers, Cielo says.
For the 12 months ended May 31, Merchant e-Solutions generated $124 million in revenue. 58% of the company’s year-to-date revenue for 2012 has come from e-commerce, Cielo says.