Sage Group Acquisition
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England-based Sage Group PLC has agreed to spend $145 million to purchase accounting software firm Peachtree Software, which will then become part of Sage’s Irvine-based subsidiary, the companies said Wednesday.
Atlanta-based Peachtree will fill out Sage Software Inc.’s line of accounting software with an accounting package targeted at small businesses and sold through retailers. Peachtree, a subsidiary of Automatic Data Processing Inc., had filed for an initial public offering in December, but that will be canceled pending regulatory approval of the sale to Sage.
No layoffs are planned and Peachtree operations will likely remain in Atlanta, Sage officials said.
Early last year, Sage Group acquired Irvine-based State of the Art Inc., which now operates as the subsidiary Sage Software.
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