Evertec partners with startup accelerator Parallel 18
SAN JUAN – Transaction-processing company Evertec Inc. and the Puerto Rico Science, Technology and Research Trust announced Wednesday the signing of a collaboration agreement with the latter’s startup-accelerator program, Parallel 18 (P18), whose mission objective is helping entrepreneurs with their short-term expansion plans and funding with the aim of seeing them scale abroad.
The Trust’s business program operates in collaboration with the Puerto Rico Industrial Development Co. (Pridco) and the Economic Development and Commerce Department (DDEC by its Spanish initials),
Via the new partnership, Evertec said P18 will “leverage many of its assets as well as receive a cash investment that will be awarded to participants to foster the next generations of entrepreneurial companies,” according to the announcing release.
Parallel 18 will receive a $50,000 investment, to be awarded to four participating companies, according to the release.
“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 at Evertec.
Among the other benefits of the newly forged partnership, Evertec will waiver P18 participant “fees on payment products and services”; enjoy “expedited merchant account opening”; and learn from Evertec personnel who are expected to mentor and speak at P18 events.
In the release, Trust CEO Lucy Crespo said the partnership is an “opportunity to leverage their great experience in technology and innovation,” referring to Evertec’s payment-processing networks, which the company says processes more than two billion transactions annually.
“It should encourage our entrepreneurs to use technology to take advantage of opportunities in the market,” Crespo added. The fact that Evertec operates in 26 Latin American countries and is based in Puerto Rico, a U.S. market, could be what the CEO meant by market opportunity.
The Trust, a nonprofit, is responsible for public policy on Puerto Rico science, technology, research and development matters.