Global merchant acquirer Elavon has agreed a deal to purchase UK and Ireland-based payments gateway firm Sage Pay for a total of £232m.

Elavon, a subsidiary of U.S. Bancorp, said the move acts as another boost to its global strategy of supporting its business customers in becoming more digital. 

Incorporating more payments capabilities is expected to support the company’s clients in streamlining their operations. 

“We are a customer-focused company that is helping businesses succeed in a global marketplace that is changing rapidly,” said Hannah Fitzsimons, president and general manager of Elavon Merchant Services, Europe. 

“This acquisition brings tremendous talent and leading technology to Elavon, which can be leveraged across the European market.”

Elavon is currently the fourth-largest merchant acquirer in Europe, the firm features an integrated international processing platform which enables business across different countries and currencies. 

Furthermore the acquisition, subject to regulatory approval, will is expected to solidify Elavon’s position in the UK and Ireland.

In particular their relationships with small and medium-sized enterprises who already utilise Sage Pay as a payments gateway.

“We are thrilled to bring the talents and capabilities of Sage Pay employees to Elavon, where they will be an integral part of our company that is investing in the future,” added Declan Lynch, CEO of Elavon Financial Services, DAC.