Trintech Group, the Irish electronic payments software company, has agreed to buy the assets of Sursoft, a privately owned Latin American card management software company, for $10.7 million (€12.4 million). The acquisition will be financed through the issue of ordinary Trintech shares with a value of $3.5 million, $5 million in cash, and a five-year performance earn-out of at least $2.2 million.

Sursoft has had over 10 years of secure payment software experience. Its focus is on the Latin American market with Technicard, a leading financial processor of MasterCard member banks and Group Credit Agricole Uruguay. It also implements private cards or loyalty systems for companies such as Libertad Argentina.

Trintech said the acquisition is intended to enhance its payware product suite and increase its capability of supporting non-branded payment management requirements such as those utilised in the private label retailer market and by mobile phone carriers for both billing and payment management options.