Sage, the biggest software company in Britain, has agreed to buy a Dublin-based software firm and is close to finalising another Irish acquisition, it said yesterday.
The purchase of Denver Manufacturing Ltd will boost Sage's annual revenues in Ireland to about €20 million, and give it access to 600 customers.
The acquisition price was not released by Sage but it is understood the company paid Denver Manufacturing's shareholders under a million euros.
The principal beneficiary from the sale of Denver Manufacturing will be Mr Ray Nolan, the founder of the fast-growing firm, Hostelworld.com.
Mr Derek Vard and Mr Michael Butler are also listed as directors of Denver Manufacturing. Mr Vard will transfer to Sage while Mr Nolan will pursue his other interests.
Denver Manufacturing, which trades as Coretime, sells complex software systems for accountants, architects, engineers and solicitors to help them manage their client accounts.
The firm also provides its system via the internet and has built up clients in the Republic, Britain and other parts of Europe.
Mr Liam Mullaney, managing director of Sage Ireland, said the acquisition would have a positive impact on Sage's growth in the Republic.
He said further acquisitions were planned in the Irish market, and negotiations on one specific deal were taking place.
Sage is a FTSE 100 company which reported profits of £151 million (€227 million) for the year ended 30th September, 2003.
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