Software group Sage (SGE) has found a buyer for its North American payments business, Sage Payment Solutions, which it put up for sale earlier this year. Chicago-based private equity group GTCR will pay $240m (£186m) in cash up-front and a further $20m as a deferred consideration.
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The unit has been dragging its feet for some time. In the first half of the group's financial year its revenue contribution dropped from £74m to £72m, and while the removal of this will dent Sage's revenue in the short term, the proceeds of the sale can be invested elsewhere. Portfolio trimming and acquisitions have been a key part of Sage's strategy to boost its volume of recurring revenues.
