Merchant acquirer EVO Payments, the parent company of EVO Snap, has secured $150 million in cash to help fortify the company’s balance sheet, retire debt, and provide funding for future investment opportunities during the COVID-19 crisis. Private equity firm Madison Dearborn, a major shareholder in the company, led the investment.
“While EVO’s global portfolio represents a diversified mix of merchants across Europe and North America,” the company explained in a statement, “many of these merchants operate in markets that are subject to broad governmental restrictions on movement and commerce, resulting in substantial reductions in merchant transaction count and volumes.”
In addition to the funding, EVO Payments has launched initiatives to lower fixed costs and capital expenditures over the balance of fiscal 2020. The company’s CEO James G. Kelly said that the “long-term fundamentals of EVO’s business remain strong” and that the current strategies will enable the company to continue to grow.
Founded in 1989 and currently active in 50 markets around the world, EVO Payments acquired the technology that powers the EVO Snap development platform in 2013. EVO Snap makes it easy for developers, independent software vendors, and merchants to develop omni-channel and cross-border payment solutions. The company participated in our developers conference, FinDEVr Silicon Valley, offering a presentation and workshop on building customized loyalty programs, card-linked offers, and real-time POS rewards.
EVO Payments is publicly-traded on the Nasdaq under the ticker EVOP. The company, headquartered in McLean, Virginia near Washington, D.C., has a market capitalization of $1 billion. EVO services more than 500,000 merchants in North America and Europe, processing 900+ million transactions in the former and 1.7 billion transactions in the latter each year.