UK accounting software giant Sage has bought Californian competitor State Of The Art for $263 million, as Sage aims to strengthen its international position.
Sage already owns US accounting software companies Dac Easy, Timeslips and Telemagic as part of the Sage US Group. It supplies accounting software to small and medium-sized businesses in France, Germany and the UK. Paul Walker, chief executive at Sage, claimed the acquisition of The State Of The Art is a step towards making Sage a global franchise.
"State Of The Art has an excellent product range, a strong value added reseller network and a substantial customer base," he said. "In the United States, our combined product lines have virtually no overlap."
Sage will pay 33 per cent more than the company?s market capitalisation for State Of The Art and will gain 90,000 US customers. Run by president and chief executive David Hanna, the company will remain at its headquarters in Irvine, California.
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