Payments company Elavon which is a subsidiary of US Bancorp has announced that it is acquiring UK and Ireland payment processor Sage Pay.
The deal is worth $300 million or £232 million and business will continue as normal until the deal is finalized and it gets the necessary regulatory approval.
Today, Sage announced that it has signed an agreement to sell Sage Pay to Elavon, a leading global payments company, pending regulatory approval in the US and Ireland.
Sage’s strategic focus is on building a great software business in accounting, financials, people and payroll for small and mid-sized organisations, working with partners in the payments space to deliver payments functionality to its customers. In that context Sage, together with the Sage Pay management team, came to the conclusion that the best way to ensure customers continue to receive great service and innovative payments solutions from Sage Pay was to find it a new home outside Sage. Elavon is in a unique position to bring additional technology and payments expertise, as well as further investment to Sage Pay, enabling us to better support our customers, increase our pace of innovation and focus on customer success.
You can find out more information about the new deal between Sage Pay an Elavon over at the Sage website at the link below.