5th Jan 2005 07:00
5 January 2005Sage acquires Swiss business management software vendor SimultanThe Sage Group plc ("Sage") announces that it has acquired Simultan AG("Simultan"), based in Lucerne, Switzerland, for an equity value of ‚£10.7m.Simultan has net cash of ‚£0.7m, giving an enterprise value of ‚£10.0m. Theacquisition will be paid for in cash.Simultan is a leading vendor of accounting and payroll solutions for small tomedium-sized businesses (SMEs) in the Swiss market. Specialising in serving themid-market, it has 3,000 customers, of which 1,000 have support contracts. Itsrevenue for the year ended 31 December 2003 was ‚£9 .8 million, and itsoperating profit was ‚£0. 5 million.The acquisition will extend Sage's coverage of the Swiss market. Simultan'sproducts will strengthen Sage's portfolio for this market, and providemigration options for those of Sage's 59,000 existing Swiss customers wishingto purchase more sophisticated solutions.Paul Walker, Sage Chief Executive, commented, "The addition of Simultan to ourexisting Swiss business establishes Sage as the clear leader in the Swiss SMEmarket. We can now offer a broad portfolio of products and services for thesmallest through to the largest Swiss SMEs."All financial information calculated on the basis of ‚£1 = 2.20 Swiss FrancsEnquiries The Sage Group plc +44 (0) 191 294 3055 Tulchan +44 (0) 20 7353 4200 Paul Walker, Chief Executive Kirstie Hamilton Paul Harrison, Finance Director Phil Branston, Investor Relations Notes 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 nearly 8,000 peopleworldwide.ENDRelated Shares:
Sage Group