The Sage Group plc has acquired CPASoftware in the US, for $14.3m (£9.2m) in cash. CPASoftware, based in Florida, provides accounting practice solutions to 10,000 accountancy firms. In the year to 31 December 2001 it reported annual turnover of $7.4m (£4.8m).
Sage is aiming to grow its US business by getting accountancy firms to act as its resellers to small and medium business. CPASoftware’s products, such as Visual Practice Management and Visual Payroll, and its support and information services, will be marketed to Sage’s US network of over 20,000 certified public accountants (CPAs)
Sage is, in all its markets, developing relationships with the accountancy profession as part of its strategy of providing a range of industry-specific solutions. Other industries served in this way include the non-profit sector, which Sage entered in September 2001 with the acquisition of MIP.
Paul Walker, Sage Chief Executive, commented: CPAs have helped us expand our business in the US, since they are key recommenders of software. We have a detailed understanding of their businesses, and with the acquisition of CPASoftware, we can now offer a solution to help them run their practices better.
Following recent acquisitions, we have established accountants’ divisions in the UK and France, and with CPASoftware we will be able to provide accountants in the US not only with industry-specific solutions but also with further opportunities to recommend Sage solutions to their own clients.