23rd Jun 2005 07:03
23 June 2005Sage acquires Spanish business management software vendor Logic ControlThe Sage Group plc ("Sage") has agreed to acquire Logic Control S.A. ("LogicControl"), a vendor of business management software in Spain, for an enterprisevalue of approximately ‚£55 million, paid in cash. The acquisition is expectedto complete by the end of July 2005.Logic Control is a vendor of business management solutions for small andmedium-sized businesses, including accounting, payroll and industry-specificsolutions for accountants. Logic Control has over 20,000 customers.Logic Control's revenue for the year ended 31 December 2004 was ‚£28.2 millionand its operating profit was ‚£3.8 million*. At 31 December 2004 it had netassets of ‚£20.6 million.The acquisition of Logic Control significantly expands Sage's coverage of theSpanish small to medium-sized business market. Logic Control brings additionaland more advanced solutions for medium-sized ("mid-market") customers in Spain,complementing the small business solutions of our existing Spanish business,SP.Paul Walker, Sage Chief Executive, commented, "acquiring Logic Controlstrengthens our product offering in Spain. Logic Control brings moresophisticated mid-market solutions, along with new solutions for accountants,that we can offer to our large customer base of over 180,000 businesses".All financial information calculated on the basis of ‚£1 = Euro 1.503.*After adding back amortisation of acquired goodwill and net amortisation ofcapitalised R & D.EnquiriesThe Sage Group plc +44 (0) 191 294 3068 Tulchan +44 (0) 20 7353 4200Paul Walker, Chief Executive Stephen MalthousePaul Harrison, Finance DirectorPhil Branston, Investor RelationsNotes to editorsThe Sage Group plc is a leading international supplier of accounting andbusiness management software solutions and related products and services forsmall to medium-sized enterprises. Formed in 1981, Sage was floated on theLondon Stock Exchange in 1989 and the Group now employs over 8,000 peopleworldwide.ENDSAGE GROUP PLCRelated Shares:
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