COA acquired for £100m

Financial software providers, COA, has been acquired by Advanced Computer Software (ACS) for an estimated £100m.

COA's parent company Redac Holdings was owned by private equity business Alchemy Partners with the deal going through earlier this week.

Vin Murria, ACS Group Chief Executive said: "There are substantial opportunities to cross sell our existing healthcare products into new markets while many of our existing healthcare clients could benefit from management tools in the COA product suite."

COA customers are generally in the private, healthcare and emergency sectors with ACS focusing on the primary care sector.

The acquisition was funded through a £55m banking facility at ACS, term loan of £25m and revolving credit of £30m over three and a half years provided by HSBC.

COA won an Accountancy Age Award last year for its finance software

Further reading:

COA results propped up by internet offering

Enterprise software of the year: COA Solutions