The payments division of Sage Group Plc is being acquired by Evalon, a subsidiary of Bancorp.
Evalon is a global merchant acquirer.
It aims to expand its business in the UK and Ireland.
Sage Pay is the payments gateway of Sage Group, a market leader in cloud business management solutions, and has an operating profit of £15mn.
What does this mean?
With about 50,000 SME customers, Sage Pay will be a means for Evalon to enable its business customers to grow in a digital global economy.