Sage expands European reach
Accounting software giant Sage has strengthened its presence on the continent with the acquisition of French financial software group Concept.
The deal with the Paris-based group is said to be worth £6.5m, and will see the Newcastle giant, the UK’s only remaining FTSE-100 ranked IT company, gain treasury and cash management software.
Sage will pay an initial amount of £4.7m for Concept in cash and additional deferred payments worth as much as £1.8m depending on how the software performs.
The news was favourably met by the market yesterday as Sage shares closed up 3.5p to 139.5p.
However today the company stock has shed 2% of its value, down to 134p.