US Bank-owned Elavon is to acquire payments gateway Sage Pay for £232 million, expanding its business in the UK and Ireland.
Sage announced plans to sell its payments division three months ago. The unit, which has around 50,000 small and medium-sized business customers, reported revenues of £41 million and an operating profit of £15 million in 2018.
Elavon is urrently the fourth-largest merchant acquirer in Europe. The acquisition extends the firm's market share in the UK and Ireland and follows on from its January 2019 accreditation as the first dedicated payments provider and e-commerce business to directly connect to the Faster Payments.
“We are a customer-focused company that is helping businesses succeed in a global marketplace that is changing rapidly,” says 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.”