Sage Group Plc [SGE.L] has made a further move in its ambitions to fill gaps in its European coverage with the $83.5 million (GBP49.1 million pound) cash acquisition of Spanish accounting software company Groupo SP SA, which has over 200,000 entry-level customers.
Spain, together with Italy and several eastern European countries, have long been a target for expansion by UK-based Sage, and it believes its purchase will provide a sound platform to develop its presence.
Groupo SP’s revenue in its last financial year to December 31 was $38.8 million (GBP22.8 million) and it produced an operating profit of $7.5 million (GBP4.4 million). The company had a cash balance of $11.2 million (GBP6.6 million).
This article was based on material originally published by ComputerWire.