For Intacct, it ends years of edging towards an IPO but never quite getting there. Intacct had annualized recurring revenue of $96 million and revenue of $88 million for the 12 months ended in June. That suggests why the IPO never happened—it's almost impossible to go public with less than $100 million in revenue and without being profitable. Sage said Intact CEO Robert Reid will remain in place with his management team and ironically, just as long-time Sage VP Connie Certusi had left the company in North America, this deal brings channel VP Taylor Macdonald back to the company. Macdonald and three other senior execs were dumped by Sage in October 2007. I guess it brings a bunch of people who probably swore they would never work for Sage again back home.
SAGE TO BUY INTACCT FOR $850M Featured
The Sage Group has agreed to buy cloud vendor Intacct for $850 million in cash. I suppose 9.6 times trailing 12-month revenue is a decent price. And this seems to be what Sage CEO Stephen Kelly was suggesting at the company's Summit conference in May when he said Sage would fill in the gap between X3 and Sage Live by acquisition.
