UK business software company Sage Group is to acquire rival business management software vendor ACCPAC in a cash deal worth over £60m.
ACCPAC, a subsidiary of Computer Associates, sells a suite of business management applications including accounting and customer relationship management (CRM) software to SMEs.
The acquisition will give Sage a stronghold in the Canadian SME business software market, and will strengthen its position in the US.
ACCPAC has over 140,000 larger SME customers, notably in the US, Canada, South Africa, Australia and Singapore, and 400,000 small SMEs, predominantly in Canada.
It serves these markets through a network of more than 7,000 channel partners.
The acquisition is subject to regulatory approvals and is expected to be completed by the end of February 2004. In the year to 31 March 2003, ACCPAC posted an operating profit of £5.9m on revenues of £50.4m.
Sage chief executive Paul Walker said in a statement: "Acquiring ACCPAC has not only strengthened our North American market position by establishing a position in Canada, but has added to our product offering in the southern hemisphere."
Walker added that ACCPAC's internet-based CRM offering would allow Sage to offer new products to existing customers looking for front-office applications, and allow Sage to cross-sell more software and services to ACCPAC's large customer base.
Comcast's £29.7bn winning bid more than twice the £13.7bn Rupert Murdoch valued Sky at just eight years ago
A nuclear strike has been considered, but Bruce Willis is nowhere in sight
Spray-on antenna could enable seamless integration of antennas with everyday objects
Parker Solar Probe, TESS and GOLD missions will deliver exciting data, claims NASA