Freecom.Net acquires Systems Union
Oxford-based e-commerce solutions provider Freecom.Net has continued its move into the accounting software arena after acquiring 80% of Systems Union in a £31.9m deal.
The deal by Freecom.Net comes hot on the heels of its recent acquisition of rival accounting software specialist Pegasus, in a £55.5m deal following a bidding war with Australian software group Solution 6 in February.
Systems Union, the specialist in Sun Systems’ business for the mid-market, approved the deal which is made up of 7.8 million shares and £7m in cash.
Michael Williams, Freecom.Net chief executive, ruled out any further accountancy software acquisitions in the future and said the company will now focus on making cash from its existing customer base.
It is expected the company will concentrate on building a hosting business around Sun Systems’ applications and take advantage of international expansion.