The Sage Group (Sage) has agreed to acquire ACCPAC International (ACCPAC), a subsidiary of Computer Associates International, based in California, for an equity value of £62.5 million. ACCPAC has net cash of £2.3 million, giving an enterprise value of £60.2 million. The acquisition will be paid for in cash. It is subject to regulatory approvals and is expected to conclude by the end of February 2004. ACCPAC is a vendor of a suite of business management solutions including accounting and customer relationship management (CRM) software for small and medium-sized businesses (SMEs). ACCPAC has over 140,000 larger SME customers and also serves 400,000 small SMEs. It serves these markets through a network of over 7,000 channel partners. ACCPAC’s revenue for the year ended March 31, 2003 was £50.4 million, and its operating profit was £5.9 million. It had net assets of £4.7million.
