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
The purchase of Elit strengthens Sage’s position as the market leader in
accounting software in France after acquiring Adonix in November for almost
Sage chief executive Paul Walker said the majority stake in Elit represented
‘a further extension of our range of industry-specific business management
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.