UK Firm Buys U.S. Payment Processing Company for $323 million

Published on:
12 September 2006 at 10:20 a.m. ET

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http://www.insidearm.com/news/00001857-uk-firm-buys-us-payment-processing-compan/

By Ben Harding, Reuters

Sage Group Plc, the UK business software firm, broadened its portfolio beyond accounting products on Monday as it announced the purchase of U.S. payment-processing company Verus Financial Management.

Britain’s largest listed software firm said it was buying Verus for 184 million pounds ($323 million) in cash, including debt, from privately-owned Financial Technology Ventures and other shareholders. The Nashville, Tennessee-based firm specialises in credit-card and cheque processing for 101,000 small to medium-sized enterprises (SMEs) in the United States, such as restaurants, petrol stations and property managers.

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