Monday 31st March 2008
Sage bolsters construction portfolio
Sage Group plc, a supplier of business management software based in Newcastle Upon Tyne, has acquired a construction software, implementation and support services company for £21 million in cash.
Hallco 1390, which trades under Tekton Group, was bought form its from its shareholders, marking Sage's first acquisition of the year. In 2007, Sage made five acquisitions in the HR and payroll and accountancy sectors.
Tekton is provider to more than 230 companies throughout the UK & Ireland and cited revenues for the half year to December 2007 of £4.5 million.
Commenting on the acquisition, Sage chief executive Paul Walker, said: "Tekton complements Sage's existing expertise in the construction industry and will broaden our portfolio. The acquisition strengthens Sage's market position in this sector and completes our range of construction solutions to small companies through to larger customers in the mid-market."
Sage Group was formed in 1981, and floated on the London Stock Exchange eight years later. With nearly 14,000 employees, the company has some 5.5 million customers worldwide, 40,000 of which are existing customers in the construction sector in the UK & Ireland.
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