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SAGE: TOO MUCH TOO FAST Featured

Steve Hare, SageSage turned in a decent performance for the year ended September 30. So the phrase that seemed to sum up the August firing of CEO Steve Kelly appeared to be summed up by his successor, Steve Hare, formerly CFO.

“Sage has been trying to do too much all at the same time,” Hare said in this week’s earnings webcast. Under Hare there will be a renewed look at the products offered, along with what he termed a focus on customer and colleague success and innovation and obviously, on the cloud. The company had guided to 7-percent organic growth and achieved 6.8 percent. “We do not feel these results reflect our potential,” Derk Bleeker, EVP commercial finance and corporate, said during the webcast. With the announced decision to sell the payroll business in the United States, the financial results were a montage of statutory, recurring, continuing and organic figures. Revenue for 2018 reached approximately,$2.36 billion, an increase of 7.6 percent, up 6.8 percent organically North America revenue hit about $773.7 million, an increase of 16.7 percent, up 11.8 percent organically. Sales of Enterprise Management (formerly X-3) rose 25 percent. The United States trailed that with growth of 8 percent. Intacct revenue was up 26 percent, a slower pace than for 2017 which was 31 percent over the prior year. U.S. revenue growth came from migrating Sage 50 and Sage 200 customers to the desktop. It trailed Canada, which had a 12-percent increase for the most recently ended year. Profit for the year was about $377 million, off 14.5 percent from 2017,  

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