June 6, 2017Chicago-based private equity firm GTCR has purchased Sage Payment Solutions from U.K. business software company Sage Group for $260 million. Its British parent had been shopping its payments unit for months before GTCR agreed to add Sage Payment Solutions to its growing payments and fintech portfolio. The Reston, Va.-based provider serves mainly small and midsized businesses and focuses on integrating payments with business management software solutions. The company said it provides many of its 100,000 customers with e-commerce and mobile solutions for card-not-present channels. Enabling integrated payments through those channels will be a focus for the company’s new owners. “SPS has a leading platform with robust software integrations in attractive end markets,” said Collin Roche, managing director at GTCR. “We intend to invest further in the technology and offer additional innovative solutions to SPS customers and partners. GTCR’s long history of investing in payments and extensive experience in corporate carve-outs provides us with a differentiated perspective on the company, and we are excited to bring significant resources and expertise to help fuel the next phase of SPS’s growth.” Going forward, GTCR said it is committing $350 million to fund new growth for Sage Payment Solutions both organically and through acquisition. Sage Group will maintain a close relationship with its former unit, which will be the preferred merchant services provider for Sage Group customers.