ACQUISITION hungry software giant Sage Group has bid £41m for Polish firm Teta.
The offer is a 15 per cent premium on the Poland and Hungary-based firm’s average three month share price. Sage says the acquisition of the firm, which reported revenue of £21m and Ebitda of £3m last year, will compliment its existing east European operations.
Sage, which is valued at £3.4bn and which sells accounting software and services to 6.1m small and medium-sized businesses worldwide, reported a full-year pre-tax profit of £177.5m.
However, revenue of £270m from the US and Europe – Sage’s two biggest markets – fell six per cent and four per cent respectively. Revenue of £122m in the UK was flat year-on-year.
The Newcastle-based firm’s long-standing boss Paul Walker said in April he will leave the business he first joined in 1984 within the next 12 months.