Business software company CedAr has acquired rival accounting software provider OpenAccounts in a deal that creates the third-largest buiness in the marketplace in terms of licence sales, behind SAP and Sage.
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The deal, which brings 1,200 customers and £45m in sales under the new business, is another step towards consolidation in the accounting software industry.
A spokeswoman said that the company, which will operate as two seperate brands for the time being, will be robust in both the private and public sectors.
‘CedAr is strong in government services, but not so strong in the commercial market. OpenAccounts will allow us to move into that sector.’
The merged business will have a much higher profile than both companies had before, the spokeswoman added. ‘CedAr and OpenAccounts weren’t previously mentioned by the likes of [analyst group] Gartner. We will now be on their radar.’
Redundancies are ‘not expected’ following the merger.
David Turner, marketing manager of rival accounting software company CODA, warned that it would be a tough task to raise the profile of two companies ‘neither of which has a strong brand’.
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