Cielo, a Brazil-based payment processor, has acquired 100% of the capital stock of online payment solutions developer Braspag - Tecnologia em Pagamento, via one of its subsidiary. Founded in 2005, Braspag is known for innovation and the development of online payment solutions, with a market share of approximately 65% in its segment. Operating as a gateway, Braspag's platform integrates online stores, financial institutions and acquirers, and is responsible for capturing, routing and managing payment transactions with cards, collection slips and online debit. This acquisition is expected to strengthen Cielo's position in the online payment segment in Brazil through a significant presence in yet another link of the e-commerce value chain.
According to Cielo, post acquisition Braspag will continue to provide services to clients that choose to use other acquirers, while, for its part, Cielo will continue to work in partnership with other gateways in the market to serve clients who choose other solutions.