The Newcastle-based company would not reveal the value of the acquisition, but it comes at a time when financial analysts have been downgrading the value of its Stock.
Last week Graham Wylie, Sage’ UK managing director sold just under five million shares earning over £7m. The following day financial analyst, UBS Warburg, downgraded its stock from ‘hold’ to ‘reduce’ knocking over 13% off the share value.
But Sage claims the acquisition makes sense because of how well integrated the two systems are. They have worked closely in the past as the Promis package already integrates with Sage Line 50.
‘Our customer research indicates that the inclusion of Promis software in the Sage range will be enthusiastically received,’ said Nigel Hudson, business development director for Sage UK.
The companies share price was down 9p on early day trading to 122p, and currently stand at 124.5p.
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