The Sage Group will enter the credit card and check payment-processing field with the $323 million acquisition of Verus Financial Management Inc. from Financial Technology Ventures.Located in Nashville, Tenn., Verus specializes in payment processing for small and midsized businesses, with a customer base of 100,000-plus merchants in the United States. The all-cash deal will be completed within the next month, subject to regulatory approvals.
"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," said Sage chief executive Paul Walker. Sage plans to integrate Verus services into its existing accounting software, in an effort to eliminate the need for dual data entry and ensure data quality.
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