BusinessCompany NewsSage makes £20m UK acquisition

Sage makes £20m UK acquisition

Merchant services business Protx latest purchase for Newcastle-based group

FTSE 100 accounting software group Sage
has made yet another purchase after acquiring UK merchant services firm Protx
for £20m.

Protx, which was established in 2001,
provides online payment services for small and medium businesses in the UK, with
a customer base of over 10,000 businesses.

The company is accredited with Lloyds TSB Cardnet, Bank of Scotland, Barclays
Merchant Services, HSBC, Natwest Streamline, American Express, Diners Card, JCB,
and Euroconex.

In its most recent financial year, Protx had revenues of £1.9m almost double
(97% higher) than the £967,000 it earned during the previous financial year.

Sage Group chief
executive Paul Walker
said: ‘The acquisition of Protx brings Sage the
capability to integrate secure payment systems with our business management
software. With Protx in the UK and Verus in the US, we continue our strategy to
expand into new adjacent markets and broaden the range of services we can offer
our SME customers.’

Further reading:

Sage to stop offering single accounting software packages

Sage apologises for Line 50 problems

Sage claims results will please market

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