Sage buys Brazilian accountancy software business
Sage moves to grow its presence in the emerging market through acquisition of leader of practice software in Brazil
SAGE HAS ACQUIRED the controlling interest in one of Brazil’s leading accountancy and tax software companies.
The FTSE 100 company bought Folhamatic, which also supplies payroll and regulatory software to accountantancy practices and SMEs in Brazil.
Folhamatic has a large and growing following in Brazil with about 13,000 firms out of about 78,000 in Brazil already using the software, as well as about 46,000 businesses.
The latest move will help Sage grow its presence in the emerging markets.
Guy Berruyer, (pictured) CEO of Sage, said: “We are delighted to announce the acquisition of a controlling interest in Folhamatic. It provides us with a market leading position in the large and rapidly growing Brazilian market.
“We are excited about the growth opportunity that the combination of Sage and Folhamatic creates in this market. Folhamatic is an outstanding business, with strong management, and we are delighted to welcome the management and staff to the group.”
Sage paid £125m (R$398m) for 75% of the equity.
