GlobalCollect Acquires Latin American E-Commerce Processor
March 2, 2012
Dutch CNP processor GlobalCollect has agreed to acquire Sub1, a Buenos Aires-based e-commerce processor. The Argentinean firm boasts a 70 percent market share in its home country and says it is growing in the rest of the Latin America. The acquisition will enable GlobalCollect to expand in a region it has identified as strategically important.
“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,” says Thomas Staudt, CEO of GlobalCollect. “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.”
Staudt says Sub1 is regarded in Latin America as the “gateway to gateways” with the highest number of payment connections in the region.