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.
Simon Calder looks at communities fighting back against the poachers
Guide dog mauled while helping owner deliver Christmas cards
Nelson Mandela’s complex bond with Britain
The poorest pay the price for austerity: Workers face biggest fall in living standards since Victorian era
Deadly ice storm pushes up US east coast as temperatures drop to -29C
10 stone five-year-old taken into care
- 1 Gurdwaras-turned-food banks: Sikh temples are catering for rise in Britain’s hungry
- 2 Council bans use of word ‘Commie’ – but ‘fascist’ and ‘Nazi’ are fine
- 3 The man who made Femen: New film outs Victor Svyatski as the mastermind behind the protest group and its breast-baring stunts
- 4 The poorest pay the price for austerity: Workers face biggest fall in living standards since Victorian era
- 5 Mass murder in the Middle East is funded by our friends the Saudis
- < Previous
- Next >
iJobs Money & Business
£35000 - £55000 per annum + BONUS + BENEFITS: Harrington Starr: A leading prov...
£40000 - £50000 per annum + Bonus and Benefits: Harrington Starr: Technical Ap...
£Attractive Package: Citifocus: Excellent, opportunities exist for high calibr...
£Attractive Package: Citifocus: Key purpose of the role will be to act as Fixe...