BuscaPe Acquires Colombian Tech Company

Brazilian e-commerce site BuscaPe has acquired a 75% stake in Colombian online payment service provider PagosOnline.net, says PagosOnline general manager Jose Velez. Although he will not disclose the amount BuscaPe paid for his company, he explains the Brazilian company bought out some individual investors and also capitalized the company to help it finance its plans for expansion into Mexico, Chile, Peru, Brazil and Argentina. Velez noted his company had revenue of more than $1m in 2009 and that it is the largest online payments service provider in Colombia, with more than 5,000 commercial clients. There are some 5 other companies offering similar services, he adds. Velez says he expects the company’s revenue to grow tenfold in 5 years. In September, South African technology company Naspers acquired a 91% stake in BuscaPe for $340m.