August 24, 2016
EVO Acquires IP Commerce Technology, Payments Team
Sept. 5, 2013
EVO Payments International, a New York City-based acquirer and processor, has acquired a perpetual software license from IP Commerce and will inherit much of IP Commerce’s core payments team. In May, news emerged that venture-backed IP Commerce was abandoning the payments business and the company officially ceased processing operations a week ago.
EVO said the license and new talent will enable the company to support software developers as they develop more and better e-commerce, mobile and POS solutions for merchants. The new integrated group and platform will be called EVO Snap
“I have been impressed with EVO’s strategy and vision for improving the point of interaction between consumer and retailer,” said Peter Osberg, a former executive at IP Commerce and head of EVO Snap. “With this new technology, EVO can better support the payment needs of developers and merchants. I look forward to advancing the considerable accomplishments of IP Commerce by leveraging EVO’s superior technical infrastructure, specialized services, powerful distribution channels, and worldwide footprint to help retailers become more effective, compliant and innovative.”
EVO acquired other unspecified assets in the deal, but financial terms were not revealed. The company said it will launch EVO Snap in the fourth quarter of this year.