Softline, the South African-owned accountancy software firm has agreed an offer from Sage valuing the company at £66m (including its cash reserves of £11.1m).

Sage tabled the bid last month, when it became clear that a proposed management buyout had failed to get off the ground. Dutch rival Exact also expressed an interest in buying Softline.

The deal has a couple of hurdles to clear: shareholders vote on the offer on September 23, and it also needs regulatory approval. Neither should present a problem. ®