money money money
British enterprise software company Sage Group has agreed to purchase Intacct, a 19-year-old accounting software company, for $850 million. The deal, a cash and stock transaction, is designed to help build out Sage’s cloud financial management offerings.
According to a statement from Intacct, which competes with Financial Force and Oracle’s NetSuite, it now has 11,000 customers for its enterprise resource planning software. Its revenue for its fiscal year ending in June 2016 was $67 million, with pre-tax losses of $23 million.
The San Jose-based company had raised more than $130 million in equity funding, dating back to 2000. Battery Ventures, Bessemer Venture Partners and Emergence Capital were among its backers. Its most recent round, a Series G that closed in early 2014, valued the company at $211 million, according to PitchBook data.
This is the third startup Sage Group has acquired this year.
Read the Techcrunch story here.