The former chairman of Sage has said internet-based accounting software is
growing slower than most people think, causing an outcry from experts in the IT
Michael Jackson, who was chairman at Sage, said the software as a service
industry was ‘growing slower than people think’ and that the market has ‘a way
to go’ yet.
The comments undermine recent attempts to talk up SaaS as the next big shift in
He continued: ‘I don’t think that accounting SaaS has gone as well as it
should’ and added ‘it probably needs more investment’.
Business software analyst Dennis Keeling said: ‘Nothing is growing in the
software market. The market is contracting so, if SaaS is continuing to grow,
even if by a small amount, it is a growing market.’
When asked about the progress of accountancy SaaS providers, Jackson said
‘the industry is not growing as fast as people would have us believe.’
David Turner, marketing director of Coda, which launched its
latest SaaS accountancy model this week, said: ‘It’s definitely a mistake to
underestimate SaaS and how quickly it is growing.’
Jackson tried to buy KashFlow, the online accountancy IT company, in May last
year for £3m hoping to fund it with approximately £1m of his own money and £2m
from venture capital fund Elderstreet Investment.
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