The Sage Group has announced that it is buying Intacct, a leading provider of cloud financial management solutions in North America, for $850 million.
Intacct is headquartered in San Jose, California, with current annualised recurring revenues of $96 million. The company serves thousands of businesses in the North American scale-up and enterprise markets, both directly and through a network of partners.
“Today we take another major step forward in delivering our strategy and we are thrilled to welcome Intacct into the Sage family,” said Stephen Kelly, CEO, Sage. “The acquisition of Intacct supports our ambitions for accelerating growth by winning new customers at scale and builds on our other cloud-first acquisitions, strengthening the Sage Business Cloud. Intacct opens up huge opportunities in the North American market, representing over half of our total addressable market.”
Intacct’s CEO, Robert Reid, leads an experienced management team with a demonstrated track record of scaling at pace, who will remain to run the business, thereby ensuring continuity for customers, partners and employees.
“We are excited to become part of Sage because we are relentlessly focussed on the same goal – to deliver the most innovative cloud solutions for our customers,” he said. “Intacct is growing rapidly in our market and we are proud to be a recognised customer satisfaction leader across midsize, large and global enterprise businesses. By combining our strengths with those of Sage, we can jointly accelerate success for our customers.”
Sage predicts that in addition to organic revenue, Intacct (to be known as Sage Intacct after completion), Sage People (Fairsail) and Compass are collectively expected to add approximately £20 million of revenue in this financial year.
The transaction is expected to complete within weeks, subject to customary completion conditions.
