Yesterday, Sage announced that is has agreed to acquire Intacct Corporation (Intacct), which is headquartered in San Jose, California, for US$850 million.
Intacct provides cloud financial management solutions targeted at growing businesses looking for rich financial and operational insight, process automation, seamless integration with their existing software, advanced features and a modern user experience.
Sage pointed to the shift in customer demand away from traditional monolithic ERP suites and more towards the cloud as the strategic rationale behind the acquisition.
“Today we take another major step forward in delivering our strategy and we are thrilled to welcome Intacct into the Sage family,” Sage CEO Stephen Kelly said.
“The acquisition of Intacct supports our ambitions for accelerating growth by winning new customers at scale and builds on our other cloud-first acquisitions, strengthening the Sage Business Cloud. Intacct opens up huge opportunities in the North American market, representing over half of our total addressable market.”
Intacct’s CEO, Robert Reid, will run the business which will be known as Sage Intacct after the acquisition is completed in the next few weeks, subject to customary completion conditions.