Sage buys Swiss biz for £10m
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Posted in Financial News, 5th January 2005 13:12 GMT
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Sage today bought Simultan AG, a Swiss accountancy software developer, for £10.7m. Simultan has £700k in the bank, so the net cost is £10m.
Based in Lucerne, Simultan has 3,000 SME customers, of which 1,000 have support contracts. Revenues for the year to 31 Dec, 2003 were £9.8m and operating profit was £500k. Sage says the business will improve migration / upgrade options for its existing 59,000 Swiss customers . ®
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