Hampshire, United Kingdom — September 8, 2014 – The Logic Group, a Susquehanna Growth Equity portfolio company, announced today that it has signed a definitive agreement to be acquired by Barclaycard, the global payments business of Barclays. The agreement includes The Logic Group’s UK and Spanish businesses, laying the foundations for a global omni-channel, managed payments service and customer loyalty group that will build on the company’s heritage as one of the most highly regarded businesses in its field. As a result of the acquisition, Barclaycard’s global payments business will be able to provide its clients with access to a wider suite of innovative products and services, including The Logic Group’s transaction processing capabilities from multiple sales channels (store, online and mobile) – through a single platform.
Gareth Wokes, CEO of The Logic Group, commented, “Today’s announcement marks the start of an exciting new era of expansion and development for The Logic Group. We are delighted to become part of such a trusted, global brand and to be able to build on the opportunity that Barclaycard offers us in the expansion of our customer base as well as more benefits for our clients through Barclaycard’s scale and expertise.”
Susquehanna Growth Equity is the sole institutional investor in The Logic Group. The acquisition is expected to be completed in the fourth quarter of 2014.
Barclaycard, part of Barclays Bank PLC, is a leading global payment business that helps consumers, retailers and businesses to make and take payments flexibly, and to access short-term credit and point of sale finance. The company is a pioneer of new forms of payments and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting edge forms of payment for the future. Barclaycard also partners with a wide range of organizations across the globe to offer their customers or members payment options and credit. www.barclaycard.co.uk
About Susquehanna Growth Equity
Susquehanna Growth Equity, LLC (SGE) invests in growth stage technology companies in the software, information services, internet and financial technology sectors. The firm is backed by a unique and patient capital base that allows management teams the freedom and flexibility to maximize growth. To learn more, please visit us at www.sgep.com.