The UK-based payroll and accounting firm, Sage, has just announced the acquisition of Intacct, a US-based cloud ERP and financial management software company.
Earlier this week the strategic alliance was confirmed for a whopping $850m to be paid in cash and is expected to be completed within weeks!
Intacct is known as a leading provider of sophisticated and powerful cloud Financial Management Solutions in North America, which is the perfect opportunity for Sage to expand their market in the US territory.
Intacct's CEO, Robert Reid, is rumored to continue running the business, in order to ensure continuity for customers, partners, and employees. However, the business is said to run under the name Sage Intacct.
This acquisition demonstrates Sage's strong affirmation to winning in the cloud, as well as winning in the US.
"Today we take another major step forward in delivering our strategy and we are thrilled to welcome Intacct into the Sage family. 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."
- Stephen Kelly
CEO of Sage