SAN JUAN, Puerto Rico--(BUSINESS WIRE)--EVERTEC, Inc. (NYSE: EVTC) (“Evertec” or the “Company”) and the Puerto Rico Science Technology and Research Trust, today announced the signing of a collaboration agreement with its start-up accelerator program, Parallel 18 (P18). With this partnership, P18 will leverage many of Evertec’s assets as well as receive a cash investment that will be awarded to participants to foster the next generations of entrepreneurial companies.
"Technology and innovation are key elements for the competitiveness and success of businesses today. We are very excited about this partnership with the Puerto Rico Science Technology & Research Trust since it provides us with the opportunity to stay at the forefront of new business ventures and at the same time, add value to its P18 program and its participating companies from around the world," said Guillermo Rospigliosi, Executive Vice President of Product, Marketing and Innovation of Evertec.
Evertec will offer P18 participants many benefits such as:
- Investment to accelerate business’s development and launch
- Waiver of fees on payment products and services for each participant during the term of the program
- Expedited merchant account opening
- Participation of Evertec personnel as mentors and speakers at P18 events
- Opportunity for Parallel’s startup participants to pilot Evertec’s newest products.
Lucy Crespo, Chief Executive Officer of the Puerto Rico Science Technology & Research Trust, said, "We are very pleased with this new partnership with Evertec since it gives us the opportunity to leverage their great experience in technology and innovation. It should encourage our entrepreneurs to use technology to take advantage of opportunities in the market. This partnership is aligned with our mission of investing, facilitating and building capacities to continually advance Puerto Rico’s economy."
EVERTEC, Inc. (NYSE: EVTC) is a leading full-service transaction processing business in Latin America, providing a broad range of merchant acquiring, payment processing and business solutions services. The Company manages a system of electronic payment networks that process more than two billion transactions annually and offers a comprehensive suite of services for core bank processing, cash processing and technology outsourcing. In addition, Evertec owns and operates the ATH® network, one of the leading personal identification number (“PIN”) debit networks in Latin America. Based in Puerto Rico, the Company operates in 26 Latin American countries and serves a diversified customer base of leading financial institutions, merchants, corporations and government agencies with “mission-critical” technology solutions. For more information, visit www.evertecinc.com.
About the Puerto Rico Science, Technology and Research Trust:
The Puerto Rico Science, Technology and Research Trust, as described in Public Law 214, is a nonprofit organization created in 2004 to promote the participation and creation of jobs in the Island in the global knowledge economy by promoting investment and the financing of research and development of science and technology. By investing in technology research and commercialization, the Trust serves as a catalyst for the creation of jobs and the retention of highly qualified and often bilingual residents of the Island. It is also responsible for the public policy of Puerto Rico science, technology, research and development. For more information: www.prsciencetrust.org.
Parallel18 is an economic development initiative that seeks to attract and create high impact start-up companies that can scale from Puerto Rico to global communities including the United States, Latin America and Europe. Is one of the principal programs of the Puerto Rico Science, Technology and Research Trust, operated in collaboration with PRIDCO (Puerto Rico Industrial Development Company) and the DDECC (Department of Economic Development and Commerce) is to expand, in the short term, the horizons of Puerto Rican and international entrepreneurs and generate long-term economic activity. For more information, visit: www.parallel18.com.