Sage targets new market with American deal

Accounting software group Sage branched into a new market today after agreeing to buy a US payment processing company for around £184m (€269m).

The England-based firm, which is listed in the FTSE 100 Index, said the addition of Verus Financial Management would benefit existing customers and attract new clients.

Verus – based in Nashville, Tennessee – processes credit cards and cheques for small and medium-sized business (SMEs) and makes money from service fees linked to transactions. It is owned by Financial Technology Ventures.

Sage chief executive Paul Walker said: “Acquiring Verus expands our business management solutions into a new and growing market, where SMEs are showing clear demand for more automation of their business processes.”

He added the new payment services would “further broaden the appeal of Sage solutions beyond pure accounting”.