Minsait Payments closes acquisition of Totalnet
Minsait Payments has completed the acquisition of all the shares of Compañía Uruguaya de Medios de Pago S.A. (Totalnet), the largest payment processor operating in the country. As announced in December 2023, when this transaction was initiated, it is now effectively closed, subject to obtaining the usual regulatory authorisations for this type of transaction, in this case, the Central Bank of Uruguay.
Totalnet's value proposition has a clear industrial fit with the activity of Minsait Payments, focused on the integrated management of means of payment. The Uruguayan firm completes Minsait Payments' portfolio with additional retail card payment services, while the payments giant's technology will help generate new value-added services for Totalnet's customers.
Luis Abril, Indra's executive director and CEO of Minsait, said that with this acquisition, "Minsait Payments, one of Minsait's fastest growing businesses, demonstrates its confidence in the Uruguayan market and strengthens its activity in the payments industry in Latin America. This is a significant commitment to the business that allows Minsait Payments to continue to gain scale and will also increase value creation for our brand, as well as for our shareholders, professionals and customers".
Javier Rey, CEO of Minsait Payments, expressed his satisfaction at adding capabilities and "gaining greater scale in card payment, a business led by Totalnet in Uruguay. It also allows us to extend our presence in the payments value chain and opens up strategic options for Minsait Payments, such as the generation of an operational and technological model for card payment in Uruguay that we can export to other Latin American countries, or the generation of new valuable services for Totalnet's customers".
Alberto Mello, CEO of Totalnet, highlights the value of the incorporation of Minsait Payments to its growth process. For the executive, this marks the end of a stage of transformation and consolidation of leadership and the beginning of a new one, aimed at incorporating more and better technology, diversifying Totalnet's business and growing the firm in the country, always focused on its customers and the community.
"We are proud of everything we have achieved so far, with great dedication and effort from a committed team that always puts the customer first. We are very motivated to maintain and improve this promise hand in hand with Minsait Payments, a firm that gives us robustness and projection, part of the Indra group, which is in the IBEX 35 and has global recognition. It is the arrival in Uruguay of a very important partner for the payment and financial system", says Mello.
For Minsait Payments, the transaction also reinforces the ambitious strategic growth plan that the company has been undertaking for years in Latin America and which, in 2021 and 2022, has already contemplated the acquisition of other payment companies in the region, such as Credimatic in Ecuador and Nexus in Chile. In both cases, the integration has improved margin and growth forecasts.