Acquisition to accelerate payment firm’s growth
Early payment provider Oxygen Finance has bought Satago, a London-based provider of cash flow finance, in a deal that is expected to accelerate the growth of the Birmingham firm.
Oxygen provides the capability for large public and private sector organisations to pay suppliers ahead of contracted terms in return for a discount against their invoices.
Satago provides cloud-based technology that integrates with an SME’s existing accounting software, while also offering an invoice finance solution.
The transaction will see the two businesses working together to offer early payment, finance and cash flow solutions for both large buying organisations and suppliers of all sizes.
Ben Jackson, chief executive of Oxygen, said: “Satago’s offering is hugely complementary to Oxygen, accelerating our growth and enabling clients to interact with their suppliers through automation that would have been inconceivable just a few years ago.
“Oxygen and Satago will be well positioned to lead the market in delivering modern, integrated payment and receivable strategies for large buying organisations and their suppliers, SMEs included.”
Satago founder Steven Renwick added: “We are really excited to combine the businesses to do more to help UK SMEs get paid even faster and improve their cash flow.”
