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Tech

Sage sells payment arm to US firm for 拢232m

The Newcastle tech giant has sold Sage Pay to US firm Elavon

Sage, at the Great Park, Gosforth.(Image: Newcastle Journal)

Newcastle software giant Sage has sold off its payments service arm for £232m to a company in the US.

The tech firm sold the division to merchant service business Elavon, which is a subsidiary of US firm Bancorp. The deal comes three months after Sage annouced it was putting Sage Pay up for sale.

It was reported in September that Sage had appointed Rothschild to sell the business, which has around 50,000 small and medium-sized business customers.

Sage Pay provides payment services to businesses in the 海角视频 and Ireland and the divested business will continue to partner with Sage following the deal, it said.

For the year to September 2018, Sage Pay reported revenues of £41m and an operating profit of £1m.

Sage CEO Steve Hare(Image: Philip Gatward)

 

Sage said it expects to report a statutory profit of approximately £180m on the completion of the disposal.

Sage chief executive Steve Hare said: “Our vision of becoming a great ‘software as a service’ company for customers and colleagues alike means we will continue to focus on serving small and medium-sized customers with subscription software solutions for accounting and financials, and people and payroll.

“Payments and banking services remain an integral part of Sage’s value proposition and we will deliver them through our growing network of partnerships, including Elavon.”