A firm owned by US Bank has agreed to acquire Sage Pay, the Newcastle-based payments gateway business and division of FTSE-listed The Sage Group.
US-based Elavon will buy the firm for a reported £232m, as part of its strategy to streamline businesses operations with payment capable software.
Elavon is currently the fourth-largest merchant acquirer in Europe with an integrated international processing platform that allows them to do business in multiple countries and currencies.
This acquisition extends Elavon’s market share in the UK and Ireland, particularly for small and medium-sized enterprises where Sage Pay is a highly-trusted payments gateway with a loyal customer base.
“We are a customer-focused company that is helping businesses succeed in a global marketplace that is changing rapidly,” said Hannah Fitzsimons, president and general manager of Elavon Merchant Services, Europe.
“This acquisition brings tremendous talent and leading technology to Elavon, which can be leveraged across the European market.”
“We are thrilled to bring the talents and capabilities of Sage Pay employees to Elavon, where they will be an integral part of our company that is investing in the future,” said Declan Lynch, CEO of Elavon Financial Services, DAC.
The agreement was signed on November 17, 2019 and is subject to regulatory approval.