Sage buys into US (again)
Online processor bought
UK accounts specialist Sage is paying £184m for Verus Financial Management which provides online payment services for small and medium-sized businesses in the US.
Verus has over 100,000 merchant customers and charges them service fees on transactions processed. Turnover for the year ended 31 December 2005 was £36m - up 26 per cent on the same period last year. As well as card and cheque processing the company also offers companies cash advances.
Sage sees increasing demand for such merchant services. Longer term it will integrate Verus software into its accountancy packages giving better information and simpler accounting for merchants.
Sage has spent much of the last year buying companies to extend its services and its geographic reach.
More details here.®