Sage confirmed only weeks ago that it was selling its U.S. payments business, and now it looks as though it’s found a buyer.
Private equity company GTCR announced Friday (June 2) that it would acquire Sage Payment Solutions for $260 million, with a commitment of up to $350 million of equity capital to SPS.
The companies said they expect the transaction to close in the third quarter of this year pending regulatory approval.
“We are delighted to partner with the SPS management team at this exciting time in the company’s evolution,” said GTCR Managing Director Collin Roche in a statement. “SPS has a leading platform with robust software integrations in attractive end markets. We intend to invest further in the technology and offer additional innovative solutions to SPS customers and partners.”
“GTCR’s long history of investing in payments and extensive experience in corporate carve-outs provides us with a differentiated perspective on the company, and we are excited to bring significant resources and expertise to help fuel the next phase of SPS’s growth,” Roche added.
“We are excited to acquire SPS and work as partners with Sage on a go-forward basis,” added GTCR Managing Director Aaron Cohen in another statement. “We believe the company is well-positioned to continue its growth and success with the rapidly evolving area of integrated payments, and we look forward to supporting greater organic growth and expansion through acquisition.”
In May, Sage said it would be selling its U.S. payments unit but that its focus in the country would remain on acquisitions. Meanwhile, the company said it hopes to expand into other geographic markets.