SAGE ACQUIRES TAXSOFT FOR 10.5M POUNDS

Sage Group Plc, the Newcastle, UK-based accounting software provider, has announced the completion of its acquisition of corporate tax software provider Taxsoft Ltd and its parent company Quantec Holdings Ltd, both based in London. The deal, worth 10.5m pounds, was funded by existing cash resources. It allows Sage to offer a larger range of accountancy software. Taxsoft saw operating profits for the year ending September 30 1998 of 0.9m pounds on revenues of 4.8m pounds.

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