Sage continues march into Europe
FTSE 100 accountancy software group Sage has made another foray into the European market, buying a Spanish accounting group.
Newcastle-based Sage purchased Grupo SP for £49.1m, giving the group access to 200,000 new customers.
Sage chief executive Paul Walker said: ‘The acquisition extends our geographical presence to the strategically important Spanish market in which SP is well established.’
Walker added that the acquisition was part of Sage’s strategy of ‘expanding into attractive new markets’.
Sage has been on the acquisition trail over the last year, buying Concept Group of Paris for £6.5m in January, to go with earlier purchases of US-based Timberline (£64m) and South African accountancy software maker Softline (£66m).