Partner Article

Sage makes £41m Polish bid

ACCOUNTANCY software empire Sage has launched a bid to acquire a Polish firm for around £41m as it looks to step up its presence in Eastern Europe.

The Newcastle-headquartered firm has launched a public tender offer to acquire Wroclaw-based Teta S.A, which is listed on the Warsaw Stock Exchange.

Teta is a provider of ERP and HR products and services to mid-market customers in Poland and Hungary.

Its revenue for the year ended 31 December 2009 was £21m, while at 31 December 2009 had net assets of £22m.

The consideration will be met out of Sage’s existing debt facilities.

Sage Chief Executive Paul Walker said: “The proposed acquisition of Teta complements our existing business in Poland. By joining these businesses together we can offer our customers a richer portfolio of products and services, and further develop our offerings in the attractive Eastern European markets”

This was posted in Bdaily's Members' News section by Ruth Mitchell .