Sage Group Acquires Intacct Accounting Software
It was recently announced that Sage Group has purchased Intacct accounting software for $850 million dollars.
According to TechCrunch, on July 25th, “Sage Group, the British enterprise resource planning software company, announced it has agreed to purchase Intacct, a 19-year-old accounting software company, for $850 million. The deal was for cash and stock, and aims to help increase Sage’s cloud financial management offerings. Along with Compass and Fairsail, this is the third startup Sage Group has acquired this year.” In a related statement, Intaact said it now has 11,000 customers and that its revenue for its fiscal year ending in June 2016 was $67 million.
Intacct’s valuation of 12.6 times revenue reflects how cloud ERP is positioned to continue to capture significant share over the coming years, due to the inherent benefits for mid-market businesses – including lower TCO, increased efficiency, and improved transparency throughout the business. Recent industry research also reinforces this view, with projected ERP market growth of around 50% over the next 4 years.
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