Newcastle-based Sage Group, the UK’s largest tech company, said it agreed to acquire San Jose-based Intacct Corporation, a provider of cloud financial management products in North America for up to $850 million.
Sage said Intacct has current annualised recurring revenues of $96 million and had revenues in the 12 months to June 2017 of $88 million, over 90% of which is subscription based.
Sage CEO Stephen Kelly said: “The acquisition of Intacct supports our ambitions for accelerating growth by winning new customers at scale and builds on our other cloud-first acquisitions, strengthening the Sage Business Cloud.
“Intacct opens up huge opportunities in the North American market, representing over half of our total addressable market.”
Intacct CEO Robert Reid said: “Intacct is growing rapidly in our market and we are proud to be a recognised customer satisfaction leader across midsize, large and global enterprise businesses.
“By combining our strengths with those of Sage, we can jointly accelerate success for our customers.”
Sage also announced a trading update for the nine months ended June 30, 2017, saying group organic revenue increased by 6.3% in the third quarter, delivering growth of 6.4% in the first nine months of the year.