The Access Group, a software provider, will now be offering payment processing capabilities after acquiring Rapidata Services (Rapidata).
The deal will allow Access Group to infiltrate the payments sector, and integrate payments processing capabilities for its existing not-for-profit customers.
Rapidata was founded in 1997 and supports a range of organisations to collect direct debit payments and maximise their regular income.
With more than 20 years of experience in the payments sector, Rapidata executes bespoke technology, processes in excess of 13 million direct debits per year.
The sale was advised by Cavendish Corporate Finance, which was led by Jon Edirmanasinghe, partner at the firm.
Chris Bayne, CEO Access Group, said: “Rapidata stood out as a leading UK based payments provider and we are pleased that Cavendish assisted in developing a relationship between the two businesses through to the successful closure of the deal.”
He added: “We will work with the Rapidata team to continue to provide excellent service to existing users while integrating the payments capabilities into our wider product portfolio."
Charles Blackbourn, Rapidata shareholders, commented: "We are all delighted with the outcome and are very pleased that we put our trust in Cavendish. You have exceeded our expectations on all fronts has not only achieved a successful outcome for all shareholders but a great home for the business moving forward.
He added: “It is rare these days to offer unconditional praise and absolute endorsement but, in this case, it is truly justified. We would all wholeheartedly recommend Cavendish to other business owners looking to achieve an exit."
Edirmanasinghe commented: “We are thrilled to have advised on the sale of Rapidata to Access Group. It was a pleasure working with Rapidata and its new-found potential within Access Group should be amazing for the business. We ran a textbook sale process, yielding significant competitive tension and ultimately an excellent result for all those involved.”
