CPA Practice Advisor

AUG 2018

Today's Technology for Tomorrow's Firm.

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ACQUISITIONS The Accounting Technology Market By Gail Perry, CPA, Editor-in-Chief Summer is often thought of as the marriage season, so what better time to review some of the recent marriages impacting the technology sector of the accounting profession? We’ve seen some major headlines in the past year or so, including: Intacct Acquired by Sage, Intuit to Acquire TSheets for $340 Million, Cloudnine and Results Software Acquired by AbacusNext, and most recently, Xero Acquired Hubdoc. These are all prominent companies that make life easier for accountants and their clients. We were curious about why these companies decided to merge, and how will accountants and their clients benefit, and so did a little digging. Sage Acquires Intacct The Sage-Intacct acquisition occurred just over a year ago in July, 2017. At that time, Sage CEO Stephen Kelly explained that the acquisition was about growth and improvement. “The acquisition of Intacct supports our ambitions for accelerating growth by winning new customers at scale and builds on our other cloud-first acquisitions.” “We had a gap in our cloud portfolio between Sage Live, which is now Sage Business Cloud Financials, and Sage Enterprise Management, formerly Sage X3, and we knew we had to fill that gap,” said Jennifer Warawa, executive vice president, partners, accountants & alliances, at Sage. “Intacct was a great fit from all vantage points. Every time we dove into the details, the findings were always delightful.” UK-based Sage Group provides management and accounting solutions, primarily to small businesses in 23 countries. Intacct provides cloud financial management solutions targeted at growing businesses. “We have a large customer base, some of which will want to go to cloud at some point, and a lot of new customers are looking for a cloud solution. The Intacct acquisition filled a great need that we have in our portfolio. It gives us a great multi-tenant cloud solution.”

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