Irvine-Based Sage Unit Adds Company
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The Sage Group PLC, Britain’s biggest maker of accounting software, on Monday completed its acquisition of Best Software Inc. for $445 million.
The U.K. group, which runs its U.S. operations out of Irvine, paid $35 a share in cash for Best, a Virginia maker of accounting and financial software applications for the Web.
No layoffs are expected at Best, which operates as a wholly owned subsidiary of the British firm.
Sage had $499 million in sales last year; Best reported annual revenue of $91.4 million. Sage now has nearly 3,500 employees worldwide, with more than 1,000 based in the United States.
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