Sage, the UK’s largest public software company, has just announced that it will expand its US business beyond accounting products with the acquisition of payment processor Verus Financial Management.
Sage, which sells accounting and back office software and services to small companies, says it has bought Verus, based in Nashville, Tennessee, for $325m in cash from privately-owned Financial Technology Ventures.
This move looks designed to keep Sage ahead of the game versus the growing threat from Microsoft in fiancial management systems for small and medium sized businesses. Sage has always seemed a little slow to grow their franchise both in terms of products and disribution (i.e. internet services).
If Sage don't do more they could well feel greater competitive heat from both Microsoft, Salesforce.com and maybe even Oracle and SAP one day.
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