Home » CO-OP to purchase FIS shares of Canada's Everlink
CO-OP to purchase FIS shares of Canada's Everlink
April 17, 2015
RANCHO CUCAMONGA, Calif. (4/20/15)--CO-OP Financial Services has signed an agreement to acquire Canadian payments provider Everlink Payment Services Inc.
Everlink is a subsidiary of Fidelity National Information Services Inc.
CO-OP does not currently hold shares in Everlink, based in Markham, Ontario. Upon closing, the Rancho Cucamonga, Calif.-based company will join minority-owner Celero Solutions of Calgary, Alberta, as the two shareholders of Everlink. Celero is a service corporation providing information technology solutions to credit unions and other financial services organizations across Canada.
"Everlink provides a broad range of payments solutions, including card issuance, fraud management, ATM managed services, point-of-sale and debit payment processing primarily for credit unions, which are similar businesses to that of CO-OP," said Stan Hollen, President/CEO of CO-OP.
Hollen noted that CO-OP currently has a limited presence in Canada. "The acquisition of an interest in Everlink enables us to expand our network to clients throughout North America," he added. "In fact, we see this investment as a foundation step to a comprehensive North America-wide network and processing solution for credit unions, making it even more convenient for members in both Canada and the U.S. to use ATMs and their debit cards."
There are roughly 700 credit unions and caisse poplulaires with more than 10 million members in Canada.