NEWCASTLE UPON TYNE (dpa-AFX) - Sage Group plc (SGE.L) said that it has agreed to acquire Intacct Corporation, a provider of cloud Financial Management Solutions in North America. The total consideration is $850 million or 654 million pounds to be paid in cash and rolled over Sage options.
Intacct's CEO, Robert Reid, who will remain to run the business, thereby ensuring continuity for customers, partners and employees.
The transaction is expected to complete within weeks, subject to customary completion conditions.
Sage Group expects Intacct (to be known as Sage Intacct after completion), Sage People (Fairsail) and Compass to add approximately £20 million of revenue in this financial year.
Separately, Sage Group said that Group organic revenue increased by 6.3% in the third quarter, delivering growth of 6.4% in the first nine months of the year. Including North American Payments organic revenue increased by 5.6% in Q3 or 5.7% in the year to 30 June 2017.
The company reconfirmed current guidance for the full year of at least 6% organic revenue growth including the contribution from North American Payments through to completion of the disposal and an underlying operating margin of at least 27%.
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