We are pleased to announce
that Sage Group plc (LSE: SGE), a London-based international
supplier of accounting and business management software
solutions, has entered into a definitive agreement to acquire
Verus Financial Management, an FTVentures portfolio company and
provider of merchant processing and acquiring services, in an
all-cash transaction valued at approximately $325 million.
Verus,
based in Nashville, Tennessee, delivers merchant
services including processing customer transactions through
checks, credit and debit cards, to small-medium sized
businesses specializing in retail, business-to-business and
e-commerce. Verus was founded by Richardson M. Roberts and FTVentures in 2002.
Leveraging the extensive payments and transaction processing
expertise of the founding team, Verus has effectively executed
a rapid organic growth plan following a series of acquisitions
in 2002 and 2003. Verus has been a very significant investment
for FTVentures and
for our financial institution and individual Limited Partners.
Prior to this acquisition, FTVentures owns approximately 40%
of the company, on a fully-diluted basis, in total between our
funds FTV I and FTV II, with an investment of approximately
$40 million.
This
acquisition is expected to close within the next 30 days,
subject to regulatory approval.
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For
more information, please
contact:
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Please note our
new addresses:
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New
York
540 Madison
Avenue
Suite
2600
New York, NY 10022
Phone
212-682-4800
Fax 212-682-4480
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