Elavon, the global merchant acquirer and subsidiary of U.S. Bancorp, has agreed to acquire Sage Pay for £232m.
This acquisition comes as Elavon seeks to make its business customers grow as the economy becomes more digital and more streamline their services with software, it claims.
The deal also extends its reach to more small and medium-sized enterprises in the UK and Ireland.
Sage Pay is a financial management platform which helps businesses with their accounting, finances, payroll, payments and operations. Its services include payment processing, invoicing, cash flow, tax, inventory management, pension and compliance.
Sage is expecting a statutory profit od around £180m on completion.
The FinTech witnessed a revenue of £41m and operating profit of £15m for the year ending September 30 2018.
Elavon Merchant Services president and general manager Hannah Fitzsimons said, “We are a customer-focused company that is helping businesses succeed in a global marketplace that is changing rapidly.
“This acquisition brings tremendous talent and leading technology to Elavon, which can be leveraged across the European market.”
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