Sage is the only software company left in the FTSE-100 but has been struggling to keep its place on the blue-chip list following drops in its share price.
The purchase of Timberline, which provides business software to the construction and real estate market, is part of Sage’s strategy of growth through acquisitions.
Timberline shareholders will receive $8.25 per share, a premium of 33.3% to the closing share price of Timberline on 16 July 2003.
Sage chief executive Paul Walker said: ‘The acquisition of Timberline fits with our strategy of acquiring locally developed and locally supported market-leading software brands. Timberline will expand our business into two significant vertical markets: construction and real estate. We expect to create value through selling Timberline’s products to our large and growing US customer base, and also through selling additional Sage products and services to Timberline customers.’
Barclays has partnered with accounting software company Xero to provide businesses with access to transaction data through its direct feed.
Government's estimate of a £400m admin saving from Making Tax Digital is way off - and is instead a huge cost burden, warns Lamont Pridmore chief executive Graham Lamont
Xero unveiled its expanded global partner programme at Xerocon South, the accounting technology conference in Australasia
Accountancy software firm Sage has been hit by a data breach which may have compromised the personal details and bank account details of as many as 300 UK businesses