Newspaper article The Journal (Newcastle, England)

Sage Decides to Sell off Its Payment Service Arm

Newspaper article The Journal (Newcastle, England)

Sage Decides to Sell off Its Payment Service Arm

Article excerpt

Byline: JONATHON MANNING Reporter jonathon.manning@reachplc.com @JONNYAMANNING

NEWCASTLE tech giant Sage has revealed it has put its payment processing business up for sale.

The FTSE 100 company confirmed that it is looking to offload Sage Pay, which offers a range of payment services to businesses.

The division offers its customers access to online payment software, card terminals, mail order services and point-of-sales technology through the use of mobile phones and tablets. It is estimated that Sage Pay currently serves around 50,000 small and medium businesses.

According to reports, Sage has hired investment bank Rothschild to find a buyer for the division.

In a statement made to the London Stock Exchange the company said: "The Sage Group plc notes recent media speculation regarding a possible disposal of its Sage Pay business and confirms that it is evaluating potential strategic options for this business, including a sale.

"There can be no certainty that this evaluation will lead to any transaction.

"Any further announcement will be made if and when appropriate." The announcement led to a 3% fall in shares in morning trading yesterday. …

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