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January 11, 2016updated 04 Apr 2017 4:00pm

PayPoint divests online payment businesses to Capita

PayPoint has agreed to sell its online payment businesses to business services firm Capita for a cash consideration of £14m.

By Verdict Staff

PayPoint has agreed to sell its online payment businesses to business services firm Capita for a cash consideration of £14m.

The deal comprises PayPoint’s online payments business including PayPoint.net and Metacharge and has a portfolio of pan-European clients.

The business serves around 200 enterprise brands and 3,500 SMEs and had processed over 100m transactions amounting to £4.5bn worth of payments in 2014-2015.

Capita is an enterprise payment management provider with a large customer base across private sector, local government, housing, health, education and utilities.

Capita’s Pay360 business, was launched April 2015 allows small and medium sized enterprises to take card payments via multiple channels such as online, face-to-face, phone, mobile, Chip and PIN, smartphone and tablets.

PayPoint CEO Dominic Taylor said: "In line with our strategy, we are pleased to have agreed the sale of our Online Payment businesses. We announced our intention to sell our Mobile and Online businesses at our full year results last May, in order to focus on multi-channel payments where we have retail networks, to concentrate on our best prospects for future growth."

Capita divisional director David Lockie said: "The new combined Pay360 business will help us to realise our full potential as a market leading independent payment service provider, serving organisations from all sectors, of all sizes, taking any payment, anywhere.

"Our goal is to support our customers’ growth by providing the most appropriate and efficient payment solutions that underpin delivery of excellent customer experience."

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