In Puerto Rico, paying with a debit card usually means using ATH, the island's own network, and EVERTEC runs it. The company grew up inside Popular, Puerto Rico's largest bank, processing card swipes, ATM withdrawals and bank systems. In 2010 the private equity firm Apollo bought a majority of it. When EVERTEC went public in April 2013, it was the largest merchant acquirer and payment processor in the Caribbean and Central America.

Spun Out of a Bank

EVERTEC was organized in 1988 as Popular's technology and processing arm, serving the bank and many of its competitors. Apollo's purchase turned it into a standalone company, with Popular keeping a large stake and a long contract as its biggest customer. The business had three parts: merchant acquiring, which let stores take cards; payment processing, including the ATH network; and running core systems for banks and governments. Its home market was small, but EVERTEC owned much of it.

Twenty Dollars on the NYSE

EVERTEC priced its offering at $20 a share in April 2013 and listed on the New York Stock Exchange as EVTC, raising about $505 million with selling holders. Apollo and Popular sold down their stakes in the years that followed. The company expanded across Latin America, buying payment businesses in Chile, Brazil and other markets. EVERTEC remains public on the NYSE, still headquartered in San Juan.

Cover: View on the River Roseau, Dominica, Agostino Brunias. Art Institute of Chicago, public domain. Chosen for a Caribbean river landscape (Puerto Rico).