Sage begins European expansion with Concept buy
Accountancy software vendor Sage Group Plc has paid 4.7m pounds ($7.5m) for Paris, France-based Concept Group, which supplies treasury, cash management and financial consolidation applications for small and medium-sized businesses.
The deal, which could see Sage paying out an additional 1.8m pounds ($2.9m) over the next three years dependent on performance, is in line with the company's policy announced in December of looking for additional acquisitions in Europe. Sage plans to sell Concept's products to its existing user base in France and market its own applications to Concept customers.
Europe was one of Sage's most dynamic markets last year with revenue growing by 17%, but it still only accounts for 21.5% of the total. Newcastle, UK-based Sage is looking for companies to buy, particularly in Spain, Italy and the Eastern bloc countries.