Posted 22 November 2018
The Access Group, one of the UK’s leading providers of software, has announced the completion of the acquisition of Rapidata Services Ltd. (Rapidata), one of the UK’s leading payment platform providers.
Rapidata processes in excess of 13m direct debits per year with a consolidated value in excess of £180m. Over its 20 year history, Rapidata has developed a reputation for delivering market-leading payment processing solutions that enable their 600 customers, which include more than 10% of the Top 500 UK Charities, to reduce the administration, costs and the time associated with processing payments.
Chris Bayne, CEO Access Group, commented:
“This is another exciting step forward for Access as we now enter the Payments space. With the UK direct debit payments market alone exceeding £4bn transactions last year and with nine in every ten UK adults having at least one direct debit, we expect significant uptake of the Rapidata solution. Initially we will focus on integrating payments processing capabilities for our existing Not-For-Profit customers where Rapidata has years of experience. However, in the near future, we will extend the capability to other sectors including Education and Health & Social Care, where we believe there is a desire for these capabilities."
Scott Gray, CEO Rapidata, commented:
“Over the last 20 years, we have built Rapidata into one of the UK’s leading payment platform providers. Our user friendly solutions are the envy of the market and deliver a fully integrated managed service offering that has achieved a BACS ‘Excellent’ rating and won multiple awards. As part of Access, we will be able to consolidate our position as a market leader in the Not-For-Profit sector and support our growth ambitions into other markets more rapidly."
Gray will continue with the business as Access Head of Payments.