Sage group has bought Verus Financial Management for 184 million pounds
Verus is a merchant services business specialising in credit card and cheque processing for small and medium-sized businesses ('SMEs') based in the US they have 101,000 small and medium-sized merchants in the
US, including speciality retailers, petrol stations, restaurants, property managers and motor dealerships. Verus revenues come from services fees linked to processed sales transactions.
Verus has grown organically by 29% last year a bit of player in their field. Verus services include point of sale transaction processing and customer validity checks. This process includes a validation on each transaction's risk so that individual sales can be queried if appearing unusual. To complete each transaction, Verus transfers cash directly from the card- or cheque-issuing bank to the merchant's bank. The merchant also receives statements and
analysis, which can be used as inputs to accounting software.
This will be a nice extension for sage and they must be keen to sell Sage as a back office replacement to Verus’s customer base.
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