British payments group Epos Now explores possible stake sale, sources say
By Amy-Jo Crowley and Anousha Sakoui
LONDON (Reuters) - British tech group Epos Now is exploring strategic options, including the sale of a minority stake in the business, four people familiar with the matter told Reuters.
The Norfolk-based company, which provides retailers and hospitality businesses with payment processing tools and software, is working with advisers at BNP Paribas on the options, the people said, speaking on condition of anonymity.
The privately-held business, owned by CEO and founder Jacyn Heavens, is seeking a valuation of as much as $1.5 billion, one of the people said. The sale is set to kick off after the summer with one of the options under consideration being raising funds to grow the business, this person added.
A spokesperson for BNP Paribas declined to comment. Epos Now did not respond to requests for comment.
Potential investors in Epos Now are expected to include private equity firms, a second person said.
Epos Now’s product line includes payment processing, credit cards and other banking services as well as inventory and employee management software applications.
The company is targeting more than $100 million in turnover and $40 million in earnings before interest, tax, depreciation and amortisation (EBITDA) this year, the first person said.
Turnover jumped by 25% to 59.6 million pounds ($74.4 million) in 2023 as the company added new customers, according to Companies House filings.
($1 = 0.8010 pounds)
(Reporting by Amy-Jo Crowley and Anousha Sakoui; Editing by Emelia Sithole-Matarise, Kirsten Donovan)
