Newcastle tech giant Sage has revealed it has put its payment processing business up for sale.
The FTSE 100 company confirmed that it is looking to offload Sage Pay, which offers a range of payment services to businesses.
The division offers its customers access to online payment software, card terminals, mail order services, as well as point of sales technology through the use of mobile phones and tablets.
It is estimated that Sage Pay currently serves around 50,000 small and medium businesses.
According to reports, Sage has hired investment bank Rothschild to find a buyer for the division.
In a statement made to the London Stock Exchange the company said: “The Sage Group plc notes recent media speculation regarding a possible disposal of its Sage Pay business and confirms that it is evaluating potential strategic options for this business, including a sale. There can be no certainty that this evaluation will lead to any transaction.
“Any further announcement will be made if and when appropriate.”
Following the announcement Sage’s share price had fallen by 2.3% at the time of writing, from 695.2p per share at close of play on Monday to 679.144p.
The sale of Sage Pay is the latest attempt by Sage to streamline its business towards cloud-based services.
In January 2019 the tech giant completed the sale of its US payroll business, which it sold for £78m. Sage Payroll Solutions was sold to iSolved HCM.
