Fri, 09 Dec 2016 | DIVISION SALE
UK software firm Sage is considering selling its struggling North American payments business as the group looks to boost its growth.
The company, the largest of its kind in Britain, confirmed in a statement this week it was “evaluating potential strategic options, including a sale” of the payments business, adding: “There can be no certainty that this evaluation will lead to any transaction.”
Headquartered in Newcastle, Sage was founded in 1981 and provides accounting and payroll software for clients in 23 countries, employing 13,000 people.
The firm entered the FTSE 100 in 1999 and enjoyed strong growth as desktop computers became more widespread.
But its traditional offer - installing software in clients’ offices - has come under pressure recently from competition from start-up firms and rivals offering web and cloud-based products, the Financial Times reported.
Its payments business is also thought to be struggling as giants including Apple, Google and PayPal now dominate the market.
Last month, Sage posted improved revenue growth for the 12 months to the end of September, but warned that its payments business was underperforming.
The company reported overall revenue growth of 6.1 per cent but growth in its North America arm stayed flat, the company adding that it was “underperforming relative to Sage's overall performance”.
Find service businesses for sale.
The company provides high-quality residential and nursing care for the elderly, combining best-practice healthcare procedures with tailored care plans. Throughout its time in operation, the company has developed an excellent reputation for providing...
FREEHOLD
The company has created an innovative and intuitive online learning platform, featuring a diverse range of subjects, such as academic physical education, which is mainly purchased by UK-based secondary schools and overseas British-curriculum schools....
The company provides specialist removal and disposal services of asbestos from a diverse range of buildings across North East England and the Scottish Borders. The business has worked closely with local authorities, NHS trusts, and clients across num...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.