UPG plc acquired Accept Cards Limited and Accept Card Rentals Limited, the latest in a series of successful acquisitions made by UPG plc in the payments arena over the last 4years.
The Accept Cards business does not provide card processing services direct - instead it works independently of acquirers, in partnership with merchants to match their specific card processing requirements to the acquirer best suited to their needs. Their service also includes the provision of acquirer independent chip and pin machines and bespoke consultancy around payments.
The Accept Cards business has a significant number of excellent partnership relationships with membership organisations, professional practices and independent banks to provide a best in class service to their clients. Richard Bradley from Accept Cards says "We are delighted to join forces with UPG, and we see a great opportunity for merchants to benefit from the new services and resources that UPG will make available. We are looking forward to launching the new product offerings in conjunction with our partners through 2014 and beyond."
UPG is one of the UK's largest independent Payment Gateway and Payment Service Providers (PSP). The company serves merchants of all sizes directly and through the gateway services provided to a number of other independent PSP's.
The business has undertaken a significant programme to increase its capability, resulting in a platform that is designed with significant capacity - potentially sufficient to process the whole of the UK's card traffic. The business operates from Staffordshire and operates from 3 UK data centres, and 1 in Dublin.
UPG has won a number of significant public sector contracts in the last few months in the UK and Europe and at peak loading is processing several hundred transactions per second. Miles Carroll the CEO of UPG plc is equally optimistic, "When we first met Accept Cards a year ago it was obvious in the first few minutes that the businesses should come together, with the backing of our shareholders (which now includes one of the worlds largest hedge funds) we have added a great new dimension to our business. We continue to look for similar opportunities and imagine that there will be other deals we can complete in the UK and Europe." Bill Mooney from UPG commented, "The businesses are entirely complementary. We see strong potential growth on all sides and we expect to increase the size of the new combined team as we continue to grow the business"
Whilst exact details have not been released on the structure of the transaction the deal was "seven figures" and comprised of cash and equity. The senior management at Accept Cards are all joining the leadership team at UPG and are described as fundamental to the future vision of the business.