Late last year Elavon, a small company under US Bancorp, publicized that it would take over Sage Pay.
Sage Pay is a popular payment processing solution for many microbusinesses in the United Kingdom and Ireland. Sage Group, the mother company of Sage Pay, mentioned that deal happened in a cash transaction worth £232 million.
Elavon, the acquirer, offers merchant processing in over 30 nations battling market giants like Chase, Adyen, Visa, MasterCard, PayPal, and Stripe.
A Sage Pay review shows it is a smaller market player compared to the above names only managing a revenue of £41 million. Still, it is a lucrative and promising brand with a working profit of £15 million. Sage Group also hinted “a statutory profit on disposal of approximately £180 million when the deal completes.”
The agreement was reviewed by the Fed Reserve in US, and the Central Bank of Ireland was anticipated to cement by the second quarter of 2020.
The Elavon-Sage Pay merger is a continuation of the many strategic partnerships happening as companies seek to attract more customers in a market where every payment contributes to more revenue.
As a combined company, Elavon and Sage Pay will work tirelessly to compete against …