An Elland company advising businesses on processing credit and debit card payments is predicting big things from a seven-figure takeover by national business UPG.
Acceptcards was launched in 2008 from rented offices at Dean Clough in Halifax with just three staff before moving to larger premises at the former Wheatsheaf pub in Elland almost two years ago. Since then, acceptcards has expanded steadily and now employs a team of 16 .
Now UPG plc, another independent payment specialist, has acquired acceptcards to complement its existing operations – with the intention of expanding to launch new products and take on more staff.
Richard Bradley, of acceptcards, said: “We are delighted to join forces with UPG and we see a great opportunity for merchants to benefit from the new services and resources that UPG will make available. We are looking forward to launching the new product offerings in conjunction with our partners through 2014 and beyond.”
Acceptcards is the UK’s leading independent card payment brokers, providing its clients with services including chip-and-pin machines and consultancy around payments.
Bill Mooney, of UPG, said: “The businesses are entirely complementary. We see strong potential growth on all sides and we expect to increase the size of the new combined team as we continue to grow the business.”
UPG is one of the UK’s largest independent payment gateway and payment service providers.
It has recently won a number of significant public sector contracts in the UK and Europe – processing several hundred transactions per second during peak loading.
Miles Carroll, chief executive of UPG plc, said: “When we first met Accept Cards a year ago, it was obvious in the first few minutes that the businesses should come together. With the backing of our shareholders, which now includes one of the world’s largest hedge funds, we have added a great new dimension to our business.
“This is the latest in a series of successful acquisitions made by UPG plc in the payments arena over the last four years. We continue to look for similar opportunities and imagine that there will be other deals we can complete in the UK and Europe.”
The amount UPG paid for acceptcards has not been disclosed, but involved a seven-figure sum comprised of cash and equity. UPG said there was no overlap in staffing, so there would be no job losses. The senior management at acceptcards are all joining the leadership team at UPG.
UPG said the team at acceptcards was “fundamental to the future vision of the business” and the deal would bring more job opportunities.
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