Sage Acquires Best Software in Deal Worth $445 Million
The Sage Group, owners of Sage and its popular line of accounting software like Acuity, Peachtree and BusinessWorks, has announced it will buy Best Software. The transaction is expected to be final in February in this cash deal worth $35 per share or $445 million.
Best is known throughout accounting circles for its line of human resources, fixed asset and payroll software. Adding this to the Sage portfolio will significantly strengthen Sage's array of software for the marketplace.
Both companies predict that the combined client base will exceed 2.1 million customers worldwide. Revenues for the Sage Group last year totalled $499 million, while Best revenues were $91 million.
In the deal, Best becomes a wholly-owned subsidiary of Sage.