US-based payments processor Elavon has announced it will acquire UK-based payments processor Sage Pay for USD 300 million.
Elavon, a subsidiary of US Bancorp, said the acquisition extends its market share in the UK and Ireland, particularly for small and medium-sized enterprises. Sage Pay's parent, Sage Group, said that in 2018 Sage Pay had revenue of USD 53 million and operating profit of USD 19 million. The total sale consideration is approximately GBP 232 million, or USD 300.6 million, payable in cash, the company reported.
According to Evalon representatives, this acquisition brings tremendous talent and leading technology to Elavon, which can be leveraged across the European market. Sage Group entered the US market in 1999 when it bought Atlanta-based Peachtree Software.
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