Sage buys Swiss biz for £10m

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 . ®