BusinessCompany NewsSage buys controlling stake in French vendor

Sage buys controlling stake in French vendor

Accounting software giant increases European presence

Newcastle-based accounting software giant Sage has bought 51% of French
business management software company Elit Group for about £10.8m in cash.

Sage, will now make a bid to acquire the remaining 51% of the business from
shareholders.

The purchase of Elit strengthens Sage’s position as the market leader in
accounting software in France after acquiring Adonix in November for almost
£80m.

Sage chief executive Paul Walker said the majority stake in Elit represented
‘a further extension of our range of industry-specific business management
software’

Elit has about 3,000 medium-sized business customers and reported a £500,000
loss on a £18.4m turnover for the year ending 30 June 2005.

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