15 February 2005
Sage acquires Polish business management software vendor Symfonia
The Sage Group plc ('Sage') announces that it has entered into an agreement to
acquire the business and assets of Symfonia, based in Warsaw, Poland, for an
enterprise value of £10.3m. The acquisition will be paid for in cash. The
completion of the acquisition is conditional upon regulatory and other
clearances.
Symfonia is a leading vendor of accounting solutions for small to medium-sized
businesses (SMEs) in the Polish market, with over 35,000 customers. Its revenue
for the year ended 31 March 2004 was £4 .4 million, and its operating profit
was £0.8 million. The acquisition will extend Sage's coverage into the Polish
market for the first time.
Paul Walker, Sage Chief Executive, commented, 'Poland is a new and attractive
market for Sage. Symfonia has a strong market presence in Poland, and we
believe our highly experienced management team in Mainland Europe will be able
to add significant value to the business.'
All financial information calculated on the basis of £1 = 5.83 Polish Zloty
Enquiries
The Sage Group plc +44 (0) 191 294 3055 Tulchan +44 (0) 20 7353 4200
Paul Walker, Chief Executive Kirstie Hamilton
Paul Harrison, Finance Director
Phil Branston, Investor Relations
Notes to editors
The Sage Group plc is a leading international supplier of accounting and
business management software solutions and related products and services for
small to medium-sized enterprises. Formed in 1981, Sage was floated on the
London Stock Exchange in 1989 and the Group now employs nearly 8,000 people
worldwide.
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