Sage acquires Snowdrop Systems of Witney
Sage acquires Snowdrop Systems for an enterprise value of £17 million
Sage (UK) Limited ("Sage"), a leading supplier of business management software and services to small and medium sized businesses, announces the acquisition of Snowdrop Systems Limited ("Snowdrop") for an enterprise value of £17 million, paid in cash. Snowdrop provides leading Human Resources, Personnel and Payroll management software, and related services, to over 700 mid sized businesses in the UK, focusing on the 50-2000 employee range.
The company, which was established in 1991, provides businesses with the software they need to automate and manage more effectively a broad range of HR activities including recruitment, personnel, pay and flexible benefits, e-HR, training and development, and succession planning.
In the full year to December 2006, Snowdrop reported revenues of £7.5 million and EBITA of £1.1 million. Revenues in the year to December 2006 were up 35% over the prior year.
Paul Stobart, Chief Executive of Sage UK and Ireland region, comments, "The acquisition of Snowdrop brings to Sage a portfolio of HR and Payroll software solutions for the mid market, complementing perfectly our existing offerings which are predominantly aimed at smaller businesses."
Stobart continues, "Our customers have been indicating for some time a strong interest in automating and managing more effectively their HR activities. The acquisition of Snowdrop, with its specialist range of HR software products backed up by first class service and support, will enable us to provide our customers with exactly what they require in the HR field."
Michael Richards, Chief Executive of Snowdrop, adds, "Snowdrop joining Sage presents a number of exciting opportunities for both our customers and our employees. The additional resource and support that Sage can provide, combined with Snowdrop's expertise, means that we can realise our full potential. We will continue to support our existing customers and offer Snowdrop software as standalone solutions whilst at the same time developing software and services for Sage's existing and future customers."
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