Capita has sold off another company claiming that it is part of a cunning plan to become “more focussed and sustainable”.
The professional services giant confirmed it has agreed to sell Pay360 to Access PaySuite in a £150 million deal on a cash-free and debt-free basis.
For those who came in late, Pay360 is a UK-based, FCA regulated payments business with 2,500 customers across the public and private sectors.
Its gross assets at 30 June 2022 were £63.6 million and for the year to 31 December 2021 it generated revenue of £45.8 million , EBITDA of £10.5million and profit before tax of £7.1 million .
Capita CEO Jon Lewis said selling the company is part of its strategy to “simplify and strengthen” Capita as well as being an opportunity for Pay360 to reach its “full potential”.
“The sale is a great opportunity for the new owners to help Pay360 realise its full potential, and our colleagues at Pay360 will also benefit from the focus that this change of ownership will bring.”
The sale comes after Capita sold off its Capita Real Estate and Infrastructure (‘REI’) and GL Hearn (‘GLH’) businesses to WSP in August.
Secure Solutions and Services, AMT Sybex, two Specialty Insurance businesses, and Trustmarque are among business that were also sold this year.
