Elevon set to buy Sage Pay to enhance its reach to global customers
Category: #retail  By Saipriya Iyer  Date: 2019-11-20
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Elevon set to buy Sage Pay to enhance its reach to global customers

As the world is progressing towards digitalization, the e-commerce is gaining widespread traction across the globe. Keeping the progress of e-commerce alive, various companies worldwide are investing into the M&As. One such investment into the acquisition is showcased by US Bancorp subsidy Elavon.

Atlanta based Elavon has reportedly announced acquiring one of the biggest payment processors of UK and Ireland, Sage Pay. It has been reported that the capital invested by the company to accomplish the deal is over USD 300 million, as of today. 

Estimates claim that the acquisition is aimed at underlining the upcoming trend in the ecommerce sector. The ecommerce market is highly fragmented in terms of both, the companies exporting the goods and companies monitoring the back end complexities. Also, this acquisition would support Elavon’s mission to enhance the customer base globally with the growing digital economy. It will also help the company streamline their operations with the software which includes payment capabilities. 

For the records, Elevon stands as the fourth-largest merchant acquirer in the regions of Europe, standing against the likes of Vantiv, Verifone, MasterCard and Visa.

Apparently, the deal is still under the regulatory approval by both the Federal Reserve and Central Bank of Ireland and is expected to foresee a closure in the second quarter of 2020. 

Sage Pay competes with almost the top digital payment mobile applications like the Stripe, PayPal, and Ayden whilst helping the online retailers and others with the management of online transactions. The group in September this year confirmed looking out for strategic substitutes for payments business.

Speaking on the matter, the CEO of Sage Group, Steve Hare reportedly stated that the company visions of becoming a great SaaS company and looking forward to serving SMEs with subscription software solutions for various Accounting and Financial operations. Through Elevon, the company would offer its customers Sage’s value proposition through developing network of partnerships. 

Meanwhile, Hannah Fitzsimons, the President and GM of Elevon Merchant Services, cited that the acquisition would bring onboard the tremendous talent and leading technology which would prove to be beneficial across the European market.

Source credit: https://techcrunch.com/2019/11/18/elavon-to-acquire-sage-pay-a-gateway-that-competes-with-stripe-paypal-and-adyen-for-300m/



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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