Accounting software group Sage has made another purchase -- acquiring U.K. merchant services firm Protx for $25.6 million.Established in 2001, Protx provides online payment services for small and medium businesses in the U.K., 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 $2.5 million, almost what it earned during the previous financial year.
Sage chief executive Paul Walker said in a statement that the acquisition will allow Sage to integrate secure payment systems with its business management software, and serve as a complement to in the United States as Sage continues to implement a strategy to expand into new adjacent markets and broaden the range of services it can offers to small and midsized businesses.
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