Sage buys pounds 88m US software supplier
Thursday 04 February 1999
The deal complements Sage's existing US operation, which is based on State of the Art, the West Coast-based software group which Sage bought a year ago.
Peachtree, based in Atlanta, sells accountancy software to small business users through retail outlets. SOTA sells mainly through value-added resellers.
Sage bought the business from Automatic Data Processing, the US services giant, which had originally planned to float the company on the stock market but changed its mind last October when the financial markets wobbled.
"We have been looking at the entry level market in the US for a while," said Paul Walker, Sage's chief executive. "Peachtree complements precisely the business we bought a year ago."
To help fund the deal, Sage yesterday raised pounds 66.6m by placing 3.49 million new shares with institutional investors at 1910p.
Sage shares surged through the pounds 20 mark for the first time yesterday as investors responded positively to the deal. They closed up 77.5p at 2040p.
- 1 Paul Scholes: Manchester City were so good against Liverpool I felt like turning the television off
- 2 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 3 Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
- 4 Homer Simpson takes the ALS ice bucket challenge because of course he does
- 5 Hello Kitty is not a cat after all
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
- < Previous
- Next >
iJobs Money & Business
Highly Competitive Salary: Austen Lloyd: CITY - An excellent new instruction w...
£500 per day: Harrington Starr: SQL Server Developer SQL, PHP, C#, Real Time,...
£600 per day: Harrington Starr: C#.NET Developer C#, Win Forms, WPF, WCF, MVVM...