Business software group Cedar Open Accounts has bought out document management specialist Version One, its seventh acquisition in four years.

Following the acquisition, COA’s customer base will exceed 3,000 UK organisations and its total employees will exceed 450.

Cedar said it had closed the deal as Version One's software added 'essential functional capabilities' demanded by customers.

Version One will continue to operate from its headquarters in Cheshire. It will also continue to support existing customers and re-sellers of Version One technology and sell its products to all types of businesses worldwide.

Mark Thompson, Cedar managing director, said: 'This acquisition is fantastic news for existing and prospective customers and partners of both companies. They will now benefit from Version One being part of a larger organisation with significant development resources and a major market presence in the UK.'

Tony Bray, Version One director said: 'Both companies have enjoyed a close partnership for over 10 years, making the acquisition of Version One by Cedar Open Accounts the next logical step.'