Like CakeHR

closed 11/28/2019 via Company Press Release

The Sage Group plc., acquired CakeHR

synopsis: Sage, a global market leader for business technology, has acquired London-based CakeHR, a native cloud solution that simplifies and automates HR tasks for small businesses, helping them drive productivity. The acquisition builds out Sage Business Cloud, boosting Sage’s native cloud offering for small businesses, and advancing its SaaS vision.
buyer: The Sage Group plc. (LSE:SGE:$2,459.53)
Sage is a global market leader for technology that helps businesses of all sizes manage everything from money to people. They accomplish this via Sage Business Cloud, a business management solution comprising Accounting, Sage Intacct, Enterprise Management, People & Payroll, and Payments & Banking. "
target: CakeHR
CakeHR is a UK based HR software company that streamlines human resource management. CakeHR provides cloud services that drive productivity and create transparency, including leave management, automation of the joining and leaving process, management of expenses approvals, and paying employees.
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closed 6/19/2020 via PR Newswire

Group Management Services, acquired Corporate Business Solutions

synopsis: Group Management Services (GMS), a Professional Employer Organization (PEO), has acquired Corporate Business Solutions (CBS), a human resources outsourcing provider. CBS provides tailored HR and payroll solutions that help their clients to save money and identify and retain talent.
buyer: Group Management Services
Group Management Services (GMS) is a Professional Employer Organization (PEO). GMS provides comprehensive HR solutions to companies of all sizes throughout the United States. Their services include payroll, HR, risk management, and benefits. "
target: Corporate Business Solutions
Corporate Business Solutions (CBS) is a human resources outsourcing provider. CBS provides tailored HR and payroll solutions that help their clients to save money and identify and retain talent. Their iManage software solution enables organizations to improve and streamline their HR department.
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closed 5/13/2020 via Company Press Release

Visma Advantage, acquired Nmbrs

synopsis: Visma Group, the leading provider of business software and business processes for accounting & payroll, has acquired Nmbrs, an Amsterdam-based supplier of HR and payroll software. Nmbrs offers an online platform for optimizing and managing HR and payroll processes.
buyer parent: Kohlberg Kravis Roberts & Co.
buyer: Visma Advantage
Visma is the leading provider of business software and business processes for accounting & payroll. The group comprises five business areas which are Visma Software, Visma BPO Accounting & Payroll, Visma Procurement & Collecting, Visma Retail and Visma System Development & Integration. "
target: Nmbrs
Nmbrs is an Amsterdam-based HR and payroll software supplier. Nmbrs offers an online platform for optimizing and managing HR and payroll processes. Their platform enables users to create hundreds of payslips and keep up to date with information relating to their employees.
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announced 4/1/2020 via BNC Analysis

Fan Mee Mee and Fan Soon Hee, will acquire JAG Systems Sdn. Bhd.

synopsis: Fan Mee Mee and Fan Soon are to acquire JAG Systems Sdn. Bhd. from JAG Berhad. JAG Systems provides highly scalable solutions that help simplify and improve Human Resource Management System for businesses of all sizes and industries. They are based in Malaysia.
buyer: Fan Mee Mee and Fan Soon Hee
Fan Mee Mee and Fan Soon Hee are listed as the Purchasers for the acquisition of JAG Systems Sdn. Bhd. from JAG Berhad. "
target parent: JAG Berhad
target: JAG Systems Sdn. Bhd.
JAG Systems provides highly scalable solutions that help simplify and improve Human Resource Management System for businesses of all sizes and industries. They are based in Malaysia.
price ($mm)
$0.06
rev ($mm)
EBITDA ($mm)
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closed 4/1/2020 via BusinessWire

Ultimate Software Group merged with Kronos Incorporated,

synopsis: Kronos Incorporated, a leading provider of workforce management and human capital management cloud solutions, has merged with Ultimate Software, a leading provider of cloud-based human capital management solutions.
buyer parent: Hellman & Friedman LLC
buyer: Kronos Incorporated
Kronos is a leading provider of workforce management and human capital management cloud solutions. Kronos industry-centric workforce applications are purpose-built for businesses, healthcare providers, educational institutions, and government agencies of all sizes. "
target parent: Blackstone Group LP
target: Ultimate Software Group (ULTI:$1,140.55)
Ultimate Software is a leading provider of cloud-based human capital management solutions. Ultimate’s award-winning UltiPro delivers HR, payroll, talent, and time and labor management solutions that connect people with the information they need to work more effectively.
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closed 11/20/2019 via Company Press Release

Access Group, acquired People HR

synopsis: The Access Group, one of the UK’s leading software providers for mid-sized organisations, announced the acquisitions of People HR, a Doncaster based HR solutions provider. People HR is a leader in the HR systems market in the UK, with more than 5,000 companies utilising their solution to transform their organisations into social enterprises.
buyer parent: TA Associates
buyer: Access Group
Access is a leading provider of business software to the UK mid-market. Their portfolio of solutions includes ERP, finance, HR, Payroll, recruitment, warehousing, business intelligence, professional service automation, manufacturing, and more. "
target: People HR
People HR is a Doncaster based HR solutions provider that has fast become a leader in the HR systems market in the UK, with more than 5,000 companies utilising their solution to transform their organisations into social enterprises.
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announced 8/14/2019 via BNC Analysis

Humanica Public Company Limited, will acquire TigerSoft

synopsis: Humanica Public Company Limited, a Thailand-based provider of end-to-end HR solutions and services, will acquire Tiger Soft (1998) Company Limited (TigerSoft), a leading provider of HR management software in Thailand. TigerSoft provides cloud-based HR software solutions for payroll, time and attendance, employee training, and recruiting.
buyer: Humanica Public Company Limited
Humanica is a Thailand-based provider of end-to-end HR solutions and services. Humanica helps clients align their most important asset, their people, to their company's goals. Their solutions are focused on leveraging innovative cloud solutions such as SAP SuccessFactors. "
target: TigerSoft
TigerSoft is a leading provider of HR management software in Thailand. TigerSoft provides cloud-based HR software solutions to over 10,000 companies in Thailand. Their software provides solutions for payroll, time and attendance, employee training, and recruiting.
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closed 3/20/2019 via BNC Analysis

Apse Capital Limited, acquired Kallidus LMS

synopsis: Kallidus, an e-learning software company headquartered in Cirencester has been acquired by Apse Capital. Kallidus, a human capital management and e-learning software as a service (SaaS) provider, was sold by FPE Capital.
buyer: Apse Capital Limited
Apse Capital Limited, headquartered in London, is an investment company led by managing partner Tim Green, "
target parent: FPE Capital LLP
target: Kallidus LMS
Kallidus is a leading provider of integrated learning and talent solutions. Their award-winning, cost-effective SaaS solutions allows businesses to manage and deliver learning programmes and to develop the talent, skills and performance of their people.
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closed 5/3/2019 via BusinessWire

A Consortium of 5 Buyers acquired Ultimate Software Group

synopsis: Ultimate Software Group Inc, a cloud-based human resources applications developer, has been bought by an investor group led by private equity firm Hellman & Friedman. The investor group also includes Blackstone Group LP, GIC Pte Ltd, Canada Pension Plan Investment Board (CPPIB) and JMI Equity.
buyer: Blackstone Group LP (BX:$1,913.85)
buyer: Hellman & Friedman LLC
buyer: GIC
buyer: JMI Equity
buyer: CPP Investment Board
Hellman & Friedman is one of the oldest and most experienced private equity investment firms. The investor group also includes Blackstone Group LP, GIC Pte Ltd, Canada Pension Plan Investment Board (CPPIB) and JMI Equity, which are investment companies. "
target: Ultimate Software Group (ULTI:$1,140.55)
Ultimate Software is a leading provider of cloud-based human capital management solutions. Ultimate’s award-winning UltiPro delivers HR, payroll, talent, and time and labor management solutions that connect people with the information they need to work more effectively.
price ($mm)[EV]
$10,971 [$10,821]
rev ($mm)
$1,141
EBITDA ($mm)
$123
EV / rev
9.5x
EV / EBITDA
88.0x
closed 10/18/2018 via BNC Analysis

NEOGOV, Inc., acquired High Line Corporation

synopsis: NEOGOV, a technology company focused on human resources software for the public sector, has acquired a veteran HR software company. High Line's fully integrated, configurable solution encompass all aspects of human resources, payroll, time and talent management – to take employees from recruitment through retirement.
buyer: NEOGOV, Inc.
NEOGOV is the market and technology leader in on-demand human resources software for the public sector. Their HR software automates the entire hiring, onboarding, and performance evaluation process. "
target: High Line Corporation
High Line Corporation has been designing and delivering solutions for over 30 years. Their fully integrated, configurable solution encompass all aspects of human resources, payroll, time and talent management – to take employees from recruitment through retirement.
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closed 10/1/2018 via BusinessWire

Arcoro, acquired InfinityHR

synopsis: Arcoro, a proven provider of human capital management solutions for high consequence industries, announced that it has acquired InfinityHR, an innovative leader in Human Capital Management.
buyer parent: Providence Equity Partners Inc.
buyer: Arcoro
Arcoro, created by Providence Equity Partners, is the proven human capital management (HCM) software and services provider for high consequence industries and features cornerstone companies BirdDogHR and sister company, ExakTime. "
target: InfinityHR
InfinityHR is an innovative leader in Human Capital Management. They cater to businesses of all sizes, providing solutions to help them manage, maintain, communicate, and automate employee and company-wide human capital management processes.
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closed 7/24/2018 via Company Press Release

Elvaston Capital Management GmbH, acquired Infoniqa

synopsis: The investment company Elvaston has acquired the HR software specialist Infoniqa. The sellers in this transaction are the financial investor Cornerstone Capital, Infoniqa Holding GmbH and the management. Infoniqa provides solutions for human resources management, personnel accounting, time management and outsourcing.
buyer: Elvaston Capital Management GmbH
Elvaston is an entrepreneur-led private equity firm specialising in small to medium-sized companies located within the German-speaking region. Elvaston takes a straightforward, individual approach to guiding profitable companies operating in growth industries towards long-term value growth. "
target parent: Cornerstone Capital
target: Infoniqa
As a specialist for HR software and services, Infoniqa provides solutions for human resources management, personnel accounting, time management and outsourcing.
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announced 7/17/2018 via BusinessWire

Ultimate Software Group, will acquire PeopleDoc

synopsis: Ultimate Software, a leading provider of human capital management (HCM) solutions, announced that it has entered into a binding Letter of Intent (LOI) with the controlling shareholders of PeopleDoc with respect to the acquisition of PeopleDoc by Ultimate Software. PeopleDoc is a pioneer in HR Service Delivery based in Paris, France.
buyer: Ultimate Software Group (ULTI:$1,140.55)
Ultimate Software is a leading provider of cloud-based human capital management solutions. Ultimate’s award-winning UltiPro delivers HR, payroll, talent, and time and labor management solutions that connect people with the information they need to work more effectively. "
target: PeopleDoc
PeopleDoc’s comprehensive HR Service Delivery platform enables HR organizations to serve employees anytime, anywhere, with the ability to easily answer employee requests on demand; automate employee processes; & manage document acknowledgement, storage, & compliance across multiple global locations.
price ($mm)
$300
rev ($mm)
EBITDA ($mm)
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closed 6/6/2018 via PR Newswire

Sun Life Financial Inc., acquired Maxwell Health

synopsis: Sun Life Financial, a leading international financial services organization, announced that it has acquired Maxwell Health, an innovative start-up with an employee benefits platform that makes benefits and HR administration simple for employers and their employees.
buyer: Sun Life Financial Inc. (SLF:$26,356.07)
Sun Life Financial is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate clients. "
target: Maxwell Health
Maxwell Health simplifies benefits and HR for small-to-mid-sized employers. The platform includes a marketplace that makes buying benefits intuitive for employees, tools that streamline HR processes including benefits administration and payroll, and a mobile app that makes using benefits easy.
price ($mm)
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closed 3/1/2018 via PR Newswire

Paychex, Inc., acquired Lessor Group

synopsis: Paychex, a provider of integrated human capital management solutions, has acquired Lessor from Axcel, a Nordic private equity firm. Lessor is a provider of payroll and human capital management (HCM) software solutions headquartered in Denmark. The company provides a SaaS payroll and HCM suite through its Lessor platform and Microsoft Dynamics.
buyer: Paychex, Inc. (PAYX:$3,380.90)
Paychex, Inc. is a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services. By combining its software technology and mobility platform, Paychex helps small and medium-sized business owners focus on the management of their business. "
target parent: Axcel Industriinvestor A/S
target: Lessor Group
Founded in 1972, Lessor is a market-leading provider of payroll and human capital management (HCM) software solutions headquartered in Denmark. The company provides a software-as-a-service (SaaS) payroll and HCM suite through its Lessor platform and Microsoft Dynamics.
price ($mm)
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closed 10/4/2017 via BNC Analysis

Kallidus LMS, acquired Advorto UK Limited

synopsis: Kallidus, a leading provider of integrated learning and talent solutions, has acquired Advorto, one of Europe’s leading providers of on-demand, recruitment management solutions in the talent management market. Advorto helps HR departments to automate the full requisition to hire process for graduates and experienced hires.
buyer parent: FPE Capital LLP
buyer: Kallidus LMS
Kallidus is a leading provider of integrated learning and talent solutions. Their award-winning, cost-effective SaaS solutions allows businesses to manage and deliver learning programmes and to develop the talent, skills and performance of their people. "
target: Advorto UK Limited
Advorto is one of Europe’s leading providers of on-demand, recruitment management solutions in the talent management market. Advorto helps HR departments to automate the full requisition to hire process for graduates and experienced hires, including vacancy planning, talent attraction, and more.
price ($mm)
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closed 6/21/2017 via PR Newswire

iSolved HCM, acquired ExcelPay Business Solutions, LLC

synopsis: iSolved HCM, an industry-leading human capital management technology company that brings together the key workforce functions in one robust, easy-to-use platform, has acquired ExcelPay, a provider of payroll and human capital management services. ExcelPay's HCM system assists HR professionals in managing all aspects of the employee life cycle.
buyer: iSolved HCM
iSolved HCM is a human capital management technology company that brings together the key workforce functions in one easy-to-use platform. Payroll, HR, Time & Attendance, Recruiting, Onboarding, ACA Compliance, and Benefits Enrollment are all delivered from a single application, in the cloud. "
target: ExcelPay Business Solutions, LLC
ExcelPay provides employers with a complete range of human resource and payroll services. Its Human Capital Management (HCM) system assists HR professionals in managing all aspects of the employee life cycle. ExcelPay’s HCM is SaaS-based and helps users streamline their paper intensive processes.
price ($mm)
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closed 5/26/2017 via GlobeNewswire

Asure Software, Inc., acquired Evolution HCM

synopsis: Asure Software, a leading provider of Human Capital Management (HCM) and Digital Workplace software, announced that it has acquired iSystems, LLC. iSystems through its flagship product, Evolution HCM, offers payroll, tax management and HR software combined with comprehensive back-end service bureau tools to service providers across the U.S.
buyer: Asure Software, Inc. (ASUR:$99.48)
Asure Software, Inc. offers intuitive and innovative technologies that enable companies of all sizes and complexities to operate more efficiently. The company ensures a high-performing work environment by integrating its "keep it simple" solutions and expertise to more than 7,000 clients worldwide. "
target: Evolution HCM
Evolution HCM offers payroll, tax management and HR software combined with comprehensive back-end service bureau tools to service providers across the United States.
price ($mm)
$59
rev ($mm)
$13
EBITDA ($mm)
EV / rev
4.6x
EV / EBITDA
closed 3/15/2017 via Company Press Release

Access Group, acquired Safe Computing Ltd.

synopsis: The Access Group, one of the UK’s leading providers of software to mid market customers, has completed the acquisition of Safe Computing. Safe’s software products in the HCM (Human Capital Management) and FMS (Financial Management System) space focus on functionality and market segments that compliment the existing Access portfolio.
buyer parent: TA Associates
buyer: Access Group
The Access Group is a leading provider of integrated business application software to middle-market companies across a number of focused verticals. The Access Group's software portfolio spans ERP, finance, human resources, payroll, business intelligence and numerous vertical specific applications. "
target: Safe Computing Ltd.
Safe is a long established and successful software and outsourcing provider based in the UK. They serve a wide variety of market sectors with some vertical specialism, especially within the staffing and labour supply market. They also supply HR, Payroll, Financials and Credit Control solutions.
price ($mm)
rev ($mm)
$22
EBITDA ($mm)
EV / rev
0.0x
EV / EBITDA
announced 9/14/2016 via Company Press Release

CareerBuilder, LLC., will acquire Workterra

synopsis: CareerBuilder announced that it is acquiring Workterra, a leading innovator in cloud-based benefits administration and talent management. From onboarding and benefits administration to wellness and compliance, Workterra offers a configurable, unified system with one login and no outsourcing or third-party apps.
buyer parent: TEGNA Inc.
buyer: CareerBuilder, LLC.
CareerBuilder specializes in HR software as a service to help companies with every step of the recruitment process from acquire to hire. CareerBuilder works with top employers across industries, providing job distribution, sourcing, workflow, CRM, data and analytics in one pre-hire platform. "
target: Workterra
Workterra provides a cloud-based technology built from the inside out to handle the most complex human capital management (HCM) challenges. The unified, elegant solution makes HCM easier, less confusing, and more efficient — no matter the size of the company.
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closed 11/28/2019 via Company Press Release

The Sage Group plc., acquired CakeHR

synopsis: Sage, a global market leader for business technology, has acquired London-based CakeHR, a native cloud solution that simplifies and automates HR tasks for small businesses, helping them drive productivity. The acquisition builds out Sage Business Cloud, boosting Sage’s native cloud offering for small businesses, and advancing its SaaS vision.
buyer: The Sage Group plc. (LSE:SGE:$2,459.53)
Sage is a global market leader for technology that helps businesses of all sizes manage everything from money to people. They accomplish this via Sage Business Cloud, a business management solution comprising Accounting, Sage Intacct, Enterprise Management, People & Payroll, and Payments & Banking. "
target: CakeHR
CakeHR is a UK based HR software company that streamlines human resource management. CakeHR provides cloud services that drive productivity and create transparency, including leave management, automation of the joining and leaving process, management of expenses approvals, and paying employees.
price ($mm)
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closed 5/29/2020 via Company Press Release

Onesys Limited, acquired Sage Coretime

synopsis: UK-based Onesys, a supplier of software solutions for businesses, has acquired Sage Coretime, an online timesheet product. Sage Coretime is a leading software product in the Professional Services Automation arena, allowing simple deployment and powerful control of people-based businesses running projects and controlling time.
buyer: Onesys Limited
UK-based Onesys supplies software solutions for new, small, or growing businesses, including Accounts, Payroll, and Forecasting as well as to medium to large businesses requiring advanced accounting, Customer Relationship Management, and Enterprise Resource Planning solutions. "
target parent: The Sage Group plc.
target: Sage Coretime
Sage Coretime is online timesheet software that is quick and easy to use and can be accessed anytime, anywhere, so both office-based staff and staff working remotely have easy access. It gives users complete project visibility and accurate, real-time data to help manage projects effectively.
price ($mm)
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closed 11/28/2019 via Company Press Release

The Sage Group plc., acquired CakeHR

synopsis: Sage, a global market leader for business technology, has acquired London-based CakeHR, a native cloud solution that simplifies and automates HR tasks for small businesses, helping them drive productivity. The acquisition builds out Sage Business Cloud, boosting Sage’s native cloud offering for small businesses, and advancing its SaaS vision.
buyer: The Sage Group plc. (LSE:SGE:$2,459.53)
Sage is a global market leader for technology that helps businesses of all sizes manage everything from money to people. They accomplish this via Sage Business Cloud, a business management solution comprising Accounting, Sage Intacct, Enterprise Management, People & Payroll, and Payments & Banking. "
target: CakeHR
CakeHR is a UK based HR software company that streamlines human resource management. CakeHR provides cloud services that drive productivity and create transparency, including leave management, automation of the joining and leaving process, management of expenses approvals, and paying employees.
price ($mm)
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announced 11/18/2019 via BusinessWire

Elavon, will acquire Sage Pay Europe Limited

synopsis: Elavon, a global merchant acquirer, will acquire Sage Pay, the UK’s leading independent payment service provider. The acquisition is part of Elavon’s strategy to help its business customers grow as the global economy becomes more digital, and as businesses look to streamline their operations with software that includes payments capabilities.
buyer parent: U.S. Bancorp
buyer: Elavon
Elavon is a leading global payments company with more than 4,300 employees and operations in 10 countries. Elavon provides businesses with the technology needed to accept payments from customers, whether they are shopping in stores, at home or on the go. "
target parent: The Sage Group plc.
target: Sage Pay Europe Limited
Sage Pay is the UK’s leading independent payment service provider (PSP) and is one of the most trusted payment brands. Sage Pay makes the process of accepting payments online, over the phone, or in person simpler, faster, safer, and more profitable for businesses.
price ($mm)
$301
rev ($mm)
EBITDA ($mm)
EV / rev
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closed 9/27/2019 via Company Press Release

The Sage Group plc., acquired AutoEntry

synopsis: Sage, a global market leader in cloud business management solutions, today announced it has acquired the Dublin-based AutoEntry, a leading provider of data entry automation for accountants, bookkeepers, and businesses. The acquisition accelerates Sage’s goal to become a quality SaaS company and follows a successful two-year partnership.
buyer: The Sage Group plc. (LSE:SGE:$2,459.53)
Sage is a global market leader for technology that helps businesses of all sizes manage everything from money to people. They accomplish this via Sage Business Cloud, a business management solution comprising Accounting, Sage Intacct, Enterprise Management, People & Payroll, and Payments & Banking. "
target: AutoEntry
Ireland-based AutoEntry is an intelligent, automated solution developed by OCRex for accountants, bookkeepers, and Small-to-Medium Enterprises. AutoEntry captures and analyses scanned and photographed paper documents, automating data entry into a user’s accounting software, Excel, or CSV.
price ($mm)
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closed 9/18/2019 via BNC Analysis

Softland Ltda, acquired Balcony Software

synopsis: Softland, a leading company in ERP-type solutions in Latin America, announced the acquisition of Balcony Software, an Argentine company that develops and implements a solution that connects and manages the operation of “Marketplaces” with business management systems (ERP's).
buyer parent: The Sage Group plc.
buyer: Softland Ltda
Softland is a company founded in 1982, and a leader in the area of ​​software solutions for business management in Latin America. Softland offers ERP (Enterprise Resource Planning) management systems for small, medium and large companies. "
target: Balcony Software
Balcony Software is an Argentine company that develops and implements a solution that connects and manages the operation of “Marketplaces” with business management systems (ERP's).
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closed 9/12/2018 via Company Press Release

Sage Intacct, acquired Budgeta Inc.

synopsis: Sage announced the launch of Sage Intacct Budgeting and Planning, stemming from its acquisition of Budgeta. Budgeta makes it easy to build, collaborate, and share accurate budgets and forecasts. With Budgeta, everyone has access to fresh, reliable data - making it easier to drill deeper, ask more, and share easily.
buyer parent: The Sage Group plc.
buyer: Sage Intacct
Sage Intacct is 100% invested in meeting the needs of financial professionals, focused on customer success, and committed to the cloud. Thousands of organizations rely on Sage Intacct’s best-in-class cloud ERP software, which is part of the Sage Business Cloud. "
target: Budgeta Inc.
Budgeta makes it easy to build, collaborate, and share accurate budgets and forecasts. With Budgeta, everyone has access to fresh, reliable data - making it easier to drill deeper, ask more, and share easily - all without the need for IT support or hiring additional dedicated analysts.
price ($mm)
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announced 7/26/2017 via Company Press Release

The Sage Group plc., will acquire Intacct Corporation

synopsis: The Sage Group plc announces that it has agreed to acquire Intacct Corporation (“Intacct”), a leading provider of cloud Financial Management Solutions in North America. Intacct is headquartered in San Jose, CA, and serves thousands of businesses in the North American scale-up and enterprise markets, both directly and through a network of partners.
buyer: The Sage Group plc. (LSE:SGE:$2,459.53)
Sage is the market and technology leader for integrated accounting, payroll and payment systems. Sage helps drive business builders with the most intelligent and flexible cloud-enabled software, support and advice to manage everything from money to people. "
target: Intacct Corporation
Intacct Corporation (“Intacct”) is a leading provider of cloud Financial Management Solutions. Intacct provides solutions targeted at growing businesses looking for rich financial and operational insight, process automation, seamless integration with their existing software, and advanced features.
price ($mm)
$807
rev ($mm)
$88
EBITDA ($mm)
EV / rev
9.7x
EV / EBITDA
announced 6/2/2017 via PR Newswire

GTCR, LLC, will acquire Sage Payment Solutions

synopsis: GTCR, a leading private equity firm, announced that it has entered into a definitive agreement to acquire Sage Payment Solutions, Inc., a leading provider of payment processing and merchant acquiring solutions in North America.
buyer: GTCR, LLC
GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Growth Business Services industries. GTCR has invested more than $12 billion in over 200 companies. "
target parent: The Sage Group plc.
target: Sage Payment Solutions
Sage Payment Solutions, Inc. is a leading provider of payment processing and merchant acquiring solutions in North America. SPS provides credit card, ACH, check, gift and loyalty card processing services to small and medium-sized businesses in the United States and Canada.
price ($mm)
$260
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 4/27/2017 via BNC Analysis

Syska, acquired Syska

synopsis: Syska is once again independent after completing a management buyout. Angelika Benes, Managing Director of Syska, acquired the company from its parent, Sage. Founded in 1992, Syska is a Karlsuhe, Germany-based provider of accounting software for small and medium-sized companies.
buyer: Syska
Syska GmbH, headquartered in Karlsruhe, Germany, specializes in the development of accounting software for small and medium-sized companies. Their user friendly accounting software is easy to use and can be integrated into existing IT environments. "
target parent: The Sage Group plc.
target: Syska
Syska GmbH, headquartered in Karlsruhe, Germany, specializes in the development of accounting software for small and medium-sized companies. Their user friendly accounting software is easy to use and can be integrated into existing IT environments.
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announced 3/30/2017 via Company Press Release

The Sage Group plc., will acquire Compass.co

synopsis: The Sage Group plc ("Sage") announces an agreement to acquire Compass, a highly innovative analytics and benchmarking platform, currently providing thousands of ecommerce businesses worldwide with unique and actionable insights to help them grow and improve their performance.
buyer: The Sage Group plc. (LSE:SGE:$2,459.53)
Sage is the market and technology leader for integrated accounting, payroll and payment systems, supporting the ambition of entrepreneurs and business builders. Sage helps drive business builders with the most intelligent and flexible cloud-enabled software, support and advice to manage everything. "
target: Compass.co
Compass is a highly innovative analytics and benchmarking platform, currently providing thousands of ecommerce businesses worldwide with unique and actionable insights to help them grow and improve their performance.
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announced 3/3/2017 via Market Wire

The Sage Group plc., will acquire Fairsail

synopsis: The Sage Group plc, the UK's largest tech company, announces an agreement to acquire Fairsail, the UK's fastest growing tech scale-up and the global cloud HCM and people management system for mid-sized businesses. Currently a minority shareholder, the acquisition will see Sage take full ownership of Fairsail.
buyer: The Sage Group plc. (LSE:SGE:$2,459.53)
Sage is the market and technology leader for integrated accounting, payroll and payment systems, supporting the ambition of entrepreneurs and business builders. Sage helps drive business builders with the most intelligent and flexible cloud-enabled software, support and advice to manage everything. "
target: Fairsail
Fairsail is UK's fastest growing global cloud HCM and people management system for mid-sized businesses. Fairsail is an end-to-end HCM and people solution that addresses workforce management challenges of mid-sized organizations and meets the needs of increasingly mobile and global companies.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/12/2015 via Company Press Release

Visma Consulting Oy, acquired Viklo Oy

synopsis: Visma has acquired Viklo, a Finnish IT consulting company and further strengthens its position in the Finnish IT consulting market. Viklo Oy has a strong position in the Business intelligence and data warehouse market, delivering solutions and consulting to large Finnish corporations.
buyer parent: The Sage Group plc.
buyer: Visma Consulting Oy
Visma Consulting is a Finnish ICT consulting and software solutions company. The company provides solutions in the area of eBusiness, case- and document management, CRM, portals and collaboration, and delivers solutions and services to large Finnish corporations and the public sector. "
target: Viklo Oy
Viklo is a company focusing on business intelligence, ERP and software solutions consulting. It was established in 2010 and has 18 employees in Jyväskylä and Tampere.
price ($mm)
rev ($mm)
$2
EBITDA ($mm)
EV / rev
0.0x
EV / EBITDA
announced 9/22/2014 via BNC Analysis

The Sage Group plc., will acquire PayChoice

synopsis: The Sage Group PLC said that it has agreed to acquire payroll and human resource services provider PAI Group Inc. The company provides a Fortune 500-style suite of payroll and HR services that frees the owner to focus on growing and managing their business.
buyer: The Sage Group plc. (LSE:SGE:$2,459.53)
Sage North America began not as one company, but as the efforts of many entrepreneurs who built their successful products and businesses with a sincere focus on their customers. Their sole focus is to provide business management software and services to small and midsized businesses (SMBs). "
target: PayChoice
PayChoice has helped small- and medium-sized businesses (SMB) succeed by providing them a Fortune 500-style suite of payroll and HR services that frees the owner to focus on growing and managing their business.
price ($mm)
$158
rev ($mm)
$39
EBITDA ($mm)
EV / rev
4.1x
EV / EBITDA
announced 7/21/2014 via Company Press Release

Sage Software, Inc., will acquire Exact Software Deutschland GmbH

synopsis: The Sage Group plc announces an agreement to acquire Exact Software Deutschland GmbH, one of the leading suppliers for the region Germany, Austria, Switzerland (DA-CH region). Their software solutions include Enterprise Resource Planning (ERP) , payroll , payroll online , payroll service and Customer Relationship Management (CRM).
buyer parent: The Sage Group plc.
buyer: Sage Software, Inc.
Sage Software, Inc. develops and supplies accounting and business management software and services for start-up, small, midsized, and larger businesses in construction, distribution, manufacturing, nonprofit, and real estate industries in North America and internationally. "
target parent: Exact Holding N.V.
target: Exact Software Deutschland GmbH
Exact Software is one of the leading suppliers for the region Germany, Austria, Switzerland (DA-CH region). Their software solutions include Enterprise Resource Planning (ERP) , payroll , payroll online , payroll service and Customer Relationship Management (CRM).
price ($mm)
$22
rev ($mm)
$14
EBITDA ($mm)
EV / rev
1.5x
EV / EBITDA
closed 5/1/2013 via Company Press Release

Sage Construction, acquired Sage Construction

synopsis: Eque2 has announced a management buyout of the Sage Construction. Sage is a global supplier of business management software solutions and related products and services. This software ranges from accounts and ERP, HR and payroll, forecasting and business intelligence to customer relationship management, e-business and help for start-ups.
buyer: Sage Construction
Sage Construction delivers software expertise in construction and contracting. It has software and services to help with financial and operational management; handling contracts and subcontractors; estimating; cost-planning and post-contract valuations; workflow; and document management. "
target parent: The Sage Group plc.
target: Sage Construction
Sage Construction delivers software expertise in construction and contracting. It has software and services to help with financial and operational management; handling contracts and subcontractors; estimating; cost-planning and post-contract valuations; workflow; and document management.
price ($mm)
$3.89
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 4/30/2013 via Company Press Release

Sidetrade SA, purchased FRP Collect from The Sage Group plc.

synopsis: Sidetrade completed the takeover of the Sage FRP Collect business from Sage in France, one of the leading global suppliers of Business Management Software. The Sage FRP Collect business help manage financial relationships with customers.
buyer: Sidetrade SA (ENXTPA:ALBFR:$20.55)
Sidetrade is a SaaS pioneer, offering companies solutions for financial customer relationship management. Sidetrade combines its cloud computing technology, Sidetrade Network, with expert resources and best practice to create value for companies. "
seller: The Sage Group plc. (LSE:SGE:$2,459.53)
Sage is a leading supplier of business management software and services to more than 6 million customers worldwide. The Sage FRP Collect business help manage financial relationships with customers.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 3/20/2013 via BusinessWire

Swiftpage, purchased Sage ACT! and Sage SalesLogix from The Sage Group plc.

synopsis: Swiftpage announced it has finalized its acquisition of the ACT! and SalesLogix customer relationship management (CRM) businesses from The Sage Group plc. The new combined company provides integrated marketing and CRM solutions to more than 1,000 resellers and millions of end users worldwide.
buyer: Swiftpage
Swiftpage is the leading marketing services platform for small business customers. Within their whitelabeled solution are powerful and innovative small business marketing services to meet customers’ needs. "
seller: The Sage Group plc. (LSE:SGE:$2,459.53)
Sage ACT! makes it easy for customers to manage anything and everything related to their contacts and calendar. Sage SalesLogix is a powerful CRM solution that provides a complete view of customer interactions across businesses.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 2/15/2013 via PR Newswire

Accel-KKR, will purchase Sage Nonprofit Solutions from The Sage Group plc.

synopsis: Accel-KKR, a technology-focused private equity investment firm, announced it has entered into an agreement to acquire Sage Nonprofit Solutions, a leading provider of accounting, donor and fundraising management, and grant management software solutions to non-profit organizations, from The Sage Group plc.
buyer: Accel-KKR
Accel-KKR is a technology-focused private equity firm with over $2.3 billion in assets under management. The firm invests primarily in software and IT-enabled businesses well positioned for top-line and bottom-line growth. "
seller: The Sage Group plc. (LSE:SGE:$2,459.53)
Sage Nonprofit Solutions is a leading provider of accounting, donor and fundraising management, and grant management software solutions to non-profit organizations.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 2/15/2013 via BNC Analysis

Argos Soditic S.A., will purchase European Non-core Products from The Sage Group plc.

synopsis: Argos Soditic S.A. in Europe has offered to acquire The Sage Group P.L.C.'s non-core products based in Europe: Sage C&I- its France construction line; Sage ATL- its France distribution line; Sage Automotive-its France car dealer line; Sage Aytos- its Spain local government product line.
buyer: Argos Soditic S.A.
Argos Soditic is a private equity firm specializing in investments in management buyouts, management buyins, development capital situations, and spin-offs by large corporations and provides mezzanine financing. The firm prefers to invest in small to medium sized privately or publicly held companies."
seller: The Sage Group plc. (LSE:SGE:$2,459.53)
Sage is a leading supplier of business management software and services. Its European non-core products include Aytos governance and e-administration solutions, C&I construction software, ATL trading and distribution management solutions, and Automotive trade management solutions.
price ($mm)
$53
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/12/2012 via BusinessWire

Insperity, Inc., purchased Sage TimeSheet Software from Sage Software, Inc.

synopsis: Insperity, Inc. announced that InsperityTM Time and Attendance acquired the Sage TimeSheet solution from Sage North America. Sage TimeSheet provides all the tools needed to accurately collect project time and expense data, track actual costs against a budget and generate more accurate time-to-completion estimates.
buyer: Insperity, Inc. (NSP:$2,158.82)
Insperity, a trusted advisor to America’s best businesses, provides an array of human resources and business solutions designed to help improve business performance. InsperityTM Business Performance Advisors offer the most comprehensive suite of products and services available in the marketplace. "
seller parent: The Sage Group plc.
seller: Sage Software, Inc.
Sage Software, Inc. develops and supplies accounting and business management software and services for start-up, small, midsized, and larger businesses in construction, distribution, manufacturing, nonprofit, and real estate industries in North America and internationally.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 5/13/2020 via Company Press Release

Dylog Italia Spa, acquired StudioBoost Srl

synopsis: Dylog Italia Spa, an Italian developer of management software solutions and services, has acquired the Bolognese startup StudioBoost, a company active in the design and creation of smart and innovative solutions for the management of small and medium-sized enterprises, commercial businesses, and professionals.
buyer: Dylog Italia Spa
Italy-based Dylog engineers, develops, and markets management software solutions and services for businesses and professionals across various sectors. Innovation, research, and attention to quality have led Dylog to be one of the national leaders in the Information Technology sector. "
target: StudioBoost Srl
StudioBoost is an Italian software house engaged in the development of native cloud software. Through RPA (Robotic Process Automation) techniques, StudioBoost's software can automate and simplify accounting and financial management for any small business owner.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/27/2019 via Company Press Release

Intuit, Inc., acquired ChronoBooks

synopsis: Intuit® is taking the next step in making QuickBooks® Online the premier solution for small- and mid-size businesses (SMBs) by acquiring ChronoBooks, a cloud-based solution that accountants and SMBs rely on to view and restore historical QuickBooks Online activity.
buyer: Intuit, Inc. (INTU:$7,127.00)
Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals. Its flagship products and services include QuickBooks®, which make it easier to manage small businesses and tax preparation and filing. "
target: ChronoBooks
ChronoBooks is a cloud-based solution that accountants and SMBs rely on to view and restore historical QuickBooks Online activity.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/6/2019 via Company Press Release

Access Group, acquired Attaché

synopsis: The Access Group, the UK-based leading provider of software to growing mid-market businesses, announced the acquisition of Attaché, an Australian-based Financial Management and Payroll software supplier with over 30 years’ experience providing software to Australasian mid-market businesses.
buyer parent: TA Associates
buyer: Access Group
Access is a leading provider of business software to the UK mid-market. Their portfolio of solutions includes ERP, finance, HR, Payroll, recruitment, warehousing, business intelligence, professional service automation, manufacturing, and more. "
target: Attaché
Attaché is an Australian-based Financial Management and Payroll software supplier with over 30 years’ experience providing software to Australasian mid-market businesses.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/28/2019 via BNC Analysis

Ageras A/S, acquired Billy ApS

synopsis: Billy, a Danish company that offers user-friendly accounting software for entrepreneurs, craftsmen and freelancers, has been acquired by Danish Ageras, which operates Europe's largest platform to match accountants and lawyers with companies.
buyer parent: Investcorp
buyer: Ageras A/S
Headquartered in Denmark, Ageras aims to improve transparency within the financial sector and to make it easier for clients to choose the right financial specialist. Their network includes thousands of skilled partners, who are always ready and willing to provide clients with a quote. "
target: Billy ApS
Headquartered in Denmark, Billy offers user-friendly accounting software for entrepreneurs, craftsmen and freelancers. The SaaS company offers an own-developed software platform allowing integration to over 75 essential transaction, salary and web shop specific business applications.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 7/24/2019 via Company Press Release

Lendio, acquired Billy

synopsis: Lendio, the nation’s leading marketplace for small business loans, announced the acquisition of Billy, a billing and expense tracking solution that gives small business owners real-time insight into their business finances, allowing for more streamlined accounting, invoicing, reporting and access to capital. Billy is being re-branded as Sunrise.
buyer: Lendio
Lendio is a free online service that helps business owners find the right small business loans within minutes. Bringing all options together in one place, from short-term specialty financing to long-term, low-interest traditional loans, their technology makes small business lending simple. "
target: Billy
Billy is a cloud-based small business accounting platform. A billing and expense tracking solution, Billy gives solopreneurs and small business owners real-time insight into their business finances, allowing for more streamlined accounting, invoicing, reporting and access to capital.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 7/1/2019 via GlobeNewswire

H & R Block, Inc., acquired Wave Financials Inc.

synopsis: H&R Block, Inc. has acquired Canda-based Wave HQ Inc., a rapidly growing financial solutions platform focused on changing the way small business owners manage their finances. Wave provides accounting, invoicing, payroll, and payments software solutions, as well as bookkeeping services, built into a comprehensive platform.
buyer: H & R Block, Inc. (HRB:$3,094.88)
H&R Block, Inc. is a global consumer tax services provider. Tax return preparation services are provided by professional tax preparers in company-owned and franchise retail tax offices, and through H&R Block tax software products. H&R Block also offers adjacent Tax Plus products and services. "
target: Wave Financials Inc.
Canada-based Wave Financial Inc. provides software solutions and related services designed to help small business owners manage their finances. Wave provides accounting, invoicing, payroll, and payments software solutions, as well as bookkeeping services, built into a comprehensive platform.
price ($mm)
$405
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 9/26/2018 via Company Press Release

Visma ASA, acquired Merit Tarkvara AS

synopsis: Visma expands its geographic footprint and strengthens its Northern European leadership in cloud-based ERP for accountants and the SMB segment with the acquisition of Estonia based Merit Tarkvara. Merit Tarkvara was founded 27 years ago, based on accounting, payroll and stock managing software.
buyer: Visma ASA
Based in Norway, Visma makes businesses more efficient, through offerings of software, commerce solutions, retail IT-solutions, and IT-related projects and consulting. Visma simplifies and digitalizes core business processes within the private and public sector. "
target: Merit Tarkvara AS
Merit Tarkvara was founded 27 years ago, based on accounting, payroll and stock managing software, with the key products Merit Aktiva and Merit Palk as effective and accessible cloud-based tools for both accountants and small business owners. Merit Tarkvara is headquartered in Estonia.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 9/6/2018 via Company Press Release

Cegid SA, acquired Loop Software SAS

synopsis: Cegid, a major player in management solutions for professionals in Accounting, Finance and Tax, Payroll and Human Resources and Retail, announces the acquisition of the Loop Software (Loop). Loop is a web-based software publisher dedicated to accounting experts and SMEs.
buyer: Cegid SA
A leader in digital transformation, Cegid offers management systems and cloud services to help customers improve their performance. Cegid group offers a wide range of solutions for financial management, taxation and human resources, as well as business applications. "
target parent: KPMG International
target: Loop Software SAS
Loop is a web-based software publisher dedicated to accounting experts and SMEs. The company was born in 2012 from the meeting of accounting professionals and specialists in web technologies.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 7/6/2018 via BNC Analysis

die Mobiliar, acquired bexio AG

synopsis: bexio, part of the RedAlpine fund, has been acquired by die Mobiliar, the oldest private insurance company in Switzerland. bexio provides SMBs with customer management, order processing, easy bookkeeping and integrated E-Banking.
buyer: die Mobiliar
die Mobiliar is the oldest private insurance company in Switzerland. The company has over 80 agencies throughout Switzerland and offers their services 24 hours a day, 365 days a year. They offer home insurance, building insurance, auto insurance, life insurance, business insurance, and more. "
target parent: RedAlpine
target: bexio AG
Based in Switzerland, bexio offers cloud-based business and accounting software solutions to manage their customers, write quotes and invoices, and more. It develops and sells accounting software for small and medium companies.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/18/2018 via BNC Analysis

Nubox S.A., acquired Colppy

synopsis: Nubox, a Chilean provider of a cloud-based, next-generation accounting and payroll platform for small businesses, has acquired Colppy, a company in Argentina that offers an online accounting and management system for small businesses. Colppy's platform can automatically calculate taxes, generate reports, send invoices online, and more.
buyer: Nubox S.A.
Nubox is a Chilean provider of a cloud-based, next-generation accounting and payroll platform for small businesses in Latin America. Their easy-to-use products allows small businesses to effortlessly manage their accounting, send invoices electronically, pay employees, track cash-flow, and more. "
target: Colppy
Colppy is a company in Argentina that offers an online accounting and management system for small businesses. Colppy allows businesses to manage their accounting from any computer or mobile device. The platform can automatically calculate taxes, generate reports, send invoices online, and more.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 5/9/2018 via GlobeNewswire

Panostaja, will acquire Oscar Software Group Oy

synopsis: Panostaja Oyj, an investment company, has signed an agreement to acquire the share capital of Oscar Software Group Oy, a software service company specialized in the development of enterprise resource planning (ERP) systems and various business services. Both companies are based in Tampere, Finland.
buyer: Panostaja (HLSE:PNA1V:$242.58)
Panostaja is an investment company developing Finnish SMEs in the role of an active majority shareholder. The company aims to be the most sought-after partner for business owners selling their companies as well as for the best managers and investors. "
target: Oscar Software Group Oy
Oscar Software Group Oy, established in 2005, is a software service company specialized in the development of enterprise resource planning (ERP) systems and various business services. They are located in Tampere, Finland.
price ($mm)
$5.93*
rev ($mm)
$9
EBITDA ($mm)
EV / rev
1.2x
EV / EBITDA
announced 3/28/2018 via BNC Analysis

The Royal Bank of Scotland, will acquire FreeAgent Inc.

synopsis: The Royal Bank of Scotland (RBS) has agreed to buy FreeAgent, a software provider for UK micro-businesses and their accountants. Trusted by over 60,000 businesses, FreeAgent's online accounting software brings everything together, from invoice and expense management to project management and sales tax.
buyer: The Royal Bank of Scotland (LSE:RBS:$17,860.82)
The Royal Bank of Scotland Group (RBS) provides financial products and services to personal and business customers throughout the UK and beyond. RBS serves around 18.9 million customers across the globe, and RBS aims to consistently meet their needs wherever they are. "
target: FreeAgent Inc. (:$12.68)
FreeAgent provides online accounting software made specifically for freelancers, small business owners and their accountants. Trusted by over 60,000 businesses, FreeAgent's online accounting software brings everything together, from invoice and expense management to project management and sales tax.
price ($mm)[EV]
$69 [$64]
rev ($mm)
$13
EBITDA ($mm)
EV / rev
5.2x
EV / EBITDA
closed 1/17/2018 via GlobeNewswire

N. Harris Computer Corporation, acquired ACCEO Solutions

synopsis: Constellation Software announced that its wholly-owned subsidiary, N. Harris Computer Corporation, has acquired Acceo Solutions. Acceo provides management, accounting and payment solutions, consulting and support for e-business to small and medium businesses, hardware and building centers, retail, public sector, daycare centers and tour operators.
buyer parent: Constellation Software, Inc.
buyer: N. Harris Computer Corporation
N. Harris Computer Corporation focuses on providing feature-rich and robust turnkey solutions to Public Sector, Schools, Utility, and Health Care agencies. Their focus is on creating long-term relationships with its customers and ensuring that it meets the changing needs of its customers over time. "
target: ACCEO Solutions
A leading Canadian IT company with approximately 60,000 clients, Acceo Solutions specializes in the design, implementation and integration of, and support for, management software; e-business development; and payment, professional, and technical services.
price ($mm)
$200
rev ($mm)
$93
EBITDA ($mm)
EV / rev
2.2x
EV / EBITDA
closed 7/12/2017 via Company Press Release

Advanced, acquired Hudman Limited

synopsis: Advanced, a provider of healthcare, enterprise, and other business solutions and services to the public and private sectors, has acquired Hudman, a provider of cloud-based ERP solutions for small and medium sized businesses. Hudman's software covers the entire business process, from accounts and payroll, to operations, stock, customers and more.
buyer: Advanced
Advanced is a provider of healthcare, enterprise, and other business solutions and services to the public and private sectors. Their healthcare portfolio includes patient care management and clinical software solutions, while its enterprise suite includes financial management, HR, payroll, and CRM. "
target: Hudman Limited
Hudman provides cloud-based Enterprise Resource Planning (ERP) solutions for small and medium sized businesses. Specialising in software for manufacturing, construction, installation and project based industries, they offer solutions that can adapt to suit the needs of modern businesses.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/7/2016 via PR Newswire

Oracle Corporation, acquired NetSuite, Inc.

synopsis: Oracle announced that a majority of the unaffiliated shares of NetSuite Inc. were validly tendered and the other conditions to the tender offer have been satisfied. The acquisition of NetSuite will be consummated by Oracle on Monday, November 7, 2016. NetSuite is the world's leading provider of cloud-based business management software.
buyer: Oracle Corporation (ORCL:$39,766.00)
Oracle Corporation is the world's largest enterprise software company. It offers a comprehensive and fully integrated stack of cloud applications and platform services. "
target: NetSuite, Inc. (N:$897.49)
NetSuite is the world's leading provider of cloud-based business management software. NetSuite helps companies manage core business processes with a single, fully integrated system covering ERP/financials, CRM, ecommerce, and more.
price ($mm)[EV]
$6,794 [$6,622]*
rev ($mm)
$897
EBITDA ($mm)
EV / rev
9.7x
EV / EBITDA
closed 6/23/2016 via BNC Analysis

TeamSystem SpA, acquired e-conomic International

synopsis: Hellman & Friedman-backed TeamSystem has wholly acquired Danish cloud accounting business E-conomic International. Founded in 2001 and headquartered in Copenhagen, E-conomic develops software focusing on accounting services for SMEs. The acquisition is part of TeamSystem's M&A strategy, expanding its product offering to cloud-based marketplaces.
buyer parent: Hellman & Friedman LLC
buyer: TeamSystem SpA
TeamSystem is the largest provider of accounting, payroll, and business management software for accountants and small and medium-sized enterprises in Italy. The Company offers a broad range of mission-critical, on-premise and cloud solutions to a diversified base of its customers. "
target parent: Visma ASA
target: e-conomic International
Founded in 2001 and headquartered in Copenhagen, E-conomic develops a software focusing on accounting services for SMEs. The company claims 2,500 clients across southern Europe, England and Germany, and currently employs 15 people.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 5/11/2016 via Company Press Release

Forterro Inc., acquired SYLOB SAS

synopsis: Forterro, a group of European ERP software and services companies, announced that it has acquired privately-held Sylob, a leading supplier of ERP software for small to midmarket manufacturers of industrial products in France.
buyer: Forterro Inc.
Forterro is a group of software companies that deliver strong operational ERP functionality to specialized geographical or vertical markets. The Forterro portfolio of ERP software solutions serves more than 3,000 customers around the world. "
target: SYLOB SAS
Sylob has developed and implemented ERP software solutions exclusively for industrial SMEs in France. Sylob serves an active community of users across a wide range of industries, including aerospace and defense, automotive, electronics, industrial machinery, plastics, and jewelry.
price ($mm)
rev ($mm)
$10
EBITDA ($mm)
EV / rev
0.0x
EV / EBITDA
announced 3/14/2016 via Company Press Release

Visma ASA, will acquire Fortnox AB

synopsis: Visma AS, a leading provider of business software, outsourcing services and services for accounting and administration in the Nordics, announced a recommended public cash offer to the shareholders of Fortnox AB to tender all their shares in Fortnox to Visma. Fortnox provides accounting and financial systems for small and medium-sized companies.
buyer: Visma ASA
Visma is the leading provider of business software and services for accounting and administration. Visma is known for developing leading software solutions and high-quality services for satisfied customers in combination with financial strength and solid growth. "
target: Fortnox AB (:$17.37)
With approximately 115,000 customers, Fortnox is a leading provider of accounting and financial systems for small and medium-sized companies, associations, schools and accounting firms. Fortnox offers a full range of programs including accounting, billing, sales support, time tracking and payroll.
price ($mm)[EV]
$168 [$163]
rev ($mm)
$17
EBITDA ($mm)
$4
EV / rev
9.4x
EV / EBITDA
46.1x
closed 3/31/2016 via BusinessWire

H.I.G. Capital, acquired Quicken Investment Services, Inc.

synopsis: Quicken, the leading personal finance software that empowers consumers to easily manage their finances, announces that H.I.G. Capital, a leading global investment firm, has completed its acquisition of the company. Quicken, a top personal money management software, has been the trusted financial solution for millions of consumers.
buyer: H.I.G. Capital
H.I.G. Capital is a leading global private equity and alternative assets investment firm with more than $19 billion of equity capital under management. H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies. "
target parent: Intuit, Inc.
target: Quicken Investment Services, Inc.
Quicken Investment Services, Inc. provides software and services to manage personal and small business finances. The company offers personal finance products, such as Quicken Online to control personal finances and Quicken Deluxe to get a snapshot of monthly spending.
price ($mm)
rev ($mm)
$51
EBITDA ($mm)
EV / rev
0.0x
EV / EBITDA
closed 10/8/2014 via BNC Analysis

e-conomic International, acquired SpeedLedger AB

synopsis: e-conomic International, backed by private equity investor HgCapital, announced that its holding company has acquired a majority stake in Gothenburg-based SaaS accounting firm, SpeedLedger, a Swedish leader in web-based accounting for micro businesses and the second largest company in Sweden’s web-based accounting sector.
buyer: e-conomic International
e-conomic International A/S is one of Europe’s leading Software as a Service (‘SaaS’) accounting and SME solution providers. e-conomic online accounting software is easy to use and specially developed for small and medium-sized companies. "
target: SpeedLedger AB
SpeedLedger is a Swedish leader in web-based accounting for micro businesses and the second largest company in Sweden’s web-based accounting sector. The company has 55 employees and a customer base of more than 25,000 companies.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA

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SpeedLedger AB

Geography
Matching Companies
Ticker: WDAY
 
 
 
 
 
 
 
 
Workday, Inc.
Workday, Inc.
Workday is a leading provider of enterprise cloud applications for finance and human resources. Founded in 2005, Workday delivers financial management, human capital management, and analytics applications designed for the world's largest companies, educational institutions, and government agencies.
year
2019
rev ($mm)
$3,244.62
EBITDA ($mm)
($277.78)
EBIT ($mm)
($523.92)
Net Income ($mm)
Employees
11400
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Ticker: HLAN
 
 
 
 
 
 
 
 
Hilan Ltd.
Hilan Ltd.
Hilan Ltd. is the leading ASP - Application Service Provider in Israel, for overall management of the human resource in the organization: payroll, human resources, time & attendance and pension administration.
year
2013
rev ($mm)
$122.16
EBITDA ($mm)
$22.24
EBIT ($mm)
$19.63
Net Income ($mm)
$13.89
Employees
300
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Ticker: ASX:RDY
 
 
 
 
 
 
 
 
ReadyTech Holdings Limited
ReadyTech Holdings Limited
ReadyTech is an Australian provider of people management software for employment and education. ReadyTech offers a complete student management system for institutions and training organisations. For employers they offer a complete payroll, HR admin and work health and safety management system.
year
2019
rev ($mm)
$22.12
EBITDA ($mm)
$1.02
EBIT ($mm)
($0.47)
Net Income ($mm)
Employees
160
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Ticker: VCSY
 
 
 
 
 
 
 
 
Vertical Computer Systems, Inc.
Vertical Computer Systems, Inc.
Vertical Computer Systems, Inc. is a provider of administrative software, Internet core technologies, and derivative software application products through its distribution network.
year
2009
rev ($mm)
$5.40
EBITDA ($mm)
($0.93)
EBIT ($mm)
($0.97)
Net Income ($mm)
$3.50
Employees
26
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Ticker: ASX:PYG
 
 
 
 
 
 
 
 
PayGroup Ltd
PayGroup Ltd
Headquartered in Melbourne Australia, PayGroup is the holding company of Pay Asia Pte Limited. Pay Asia, headquartered in Singapore, is a trusted provider of Multi-Country Payroll and cloud based Software as a Service (SaaS) Human Resource Outsourcing Solutions.
year
2019
rev ($mm)
$3.20
EBITDA ($mm)
($1.21)
EBIT ($mm)
($1.24)
Net Income ($mm)
Employees
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Ticker: CSOD
 
 
 
 
 
 
 
 
Cornerstone OnDemand, Inc.
Cornerstone OnDemand, Inc.
Cornerstone OnDemand Inc. is a global leader in cloud-based learning and human capital management software. The company’s solutions help organizations to realize the potential of the modern workforce.
year
2019
rev ($mm)
$576.52
EBITDA ($mm)
$24.91
EBIT ($mm)
$11.93
Net Income ($mm)
Employees
1953
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Ticker: PCTY
 
 
 
 
 
 
 
 
Paylocity
Paylocity
Paylocity is a leading provider of cloud-based HR and payroll software solutions. Paylocity offers an intuitive, easy-to-use product suite that helps businesses tackle challenges while moving them toward the promise of tomorrow.
year
2019
rev ($mm)
$519.02
EBITDA ($mm)
$76.12
EBIT ($mm)
$57.54
Net Income ($mm)
$57.64
Employees
3050
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Ticker: CSLT
 
 
 
 
 
 
 
 
Castlight Health, Inc.
Castlight offers a health benefits platform that engages employees to make better healthcare decisions and enables employers to communicate and evaluate their benefit programs.
year
2016
rev ($mm)
$93.12
EBITDA ($mm)
($62.93)
EBIT ($mm)
($65.98)
Net Income ($mm)
Employees
464
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Ticker: ASX:ELO
 
 
 
 
 
 
 
 
Elmo Talent Management Software
ELMO operates in the HCM software market. HCM software solutions are used to support and automate HR related processes at various stages of an employee’s lifecycle, including recruitment, onboarding, performance management, learning and development, succession planning and employee administration.
year
2019
rev ($mm)
$30.74
EBITDA ($mm)
($9.94)
EBIT ($mm)
($10.13)
Net Income ($mm)
Employees
106
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Ticker: MFOR
 
 
 
 
 
 
 
 
Meta4 Spain, S.A.
Meta4 Spain, S.A.
Madrid-based Meta4 cloud solutions provide HR professionals state-of-the-art technology with the best possible user experience for managing the complete employee cycle, from payroll and personnel administration through to global talent management.
year
2001
rev ($mm)
EBITDA ($mm)
EBIT ($mm)
Net Income ($mm)
Employees
0
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Ticker: IACH
 
 
 
 
 
 
 
 
Information Architects Corporation
Information Architects Corporation
The company focuses on investigating acquisition partners and targets, as well as new business lines and services to add to existing software resources and enhance its ability to market its perceptre software asset.
year
2012
rev ($mm)
EBITDA ($mm)
EBIT ($mm)
($1.66)
Net Income ($mm)
Employees
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Ticker: ASX:RNL
 
 
 
 
 
 
 
 
Rision Limited
Rision Limited
Rision is an intuitive team planning and analytics platform that solves the complex people problems that can slow business down. The system lets users roster and schedule staff, fill last-minute shifts and get real time analytics on team performance in minutes, not hours.
year
2015
rev ($mm)
$0.00
EBITDA ($mm)
($2.24)
EBIT ($mm)
($2.24)
Net Income ($mm)
Employees
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Ticker: JASDAQ:3910
 
 
 
 
 
 
 
 
MKSystem
MKSystem
MKSystem Corporation provides cloud services in Japan. It offers system development and ASP services for social insurance labor consultant offices and corporations, labor insurance administration associations, SR Labor and management centers, and general corporate human resources.
year
2016
rev ($mm)
$10.19
EBITDA ($mm)
$3.62
EBIT ($mm)
$3.17
Net Income ($mm)
$2.07
Employees
44
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Ticker: TSXV:SEB
 
 
 
 
 
 
 
 
Smart Employee Benefits Inc.
Smart Employee Benefits Inc.
Smart Employee Benefits Inc. (SEB) is a technology company that provides business processes software, solutions and services to corporate and government clients with specialty practices focused on managing group benefit solutions and health claims processing environments.
year
2018
rev ($mm)
$77.53
EBITDA ($mm)
$0.74
EBIT ($mm)
($2.03)
Net Income ($mm)
Employees
16
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Ticker: LSE:SGE
 
 
 
 
 
 
 
 
The Sage Group plc.
The Sage Group plc.
Sage is the market and technology leader for integrated accounting, payroll and payment systems, supporting the ambition of entrepreneurs and business builders. Sage helps drive business builders with the most intelligent and flexible cloud-enabled software, support and advice to manage everything.
year
2020
rev ($mm)
$2,459.53
EBITDA ($mm)
$740.13
EBIT ($mm)
$659.57
Net Income ($mm)
$422.93
Employees
12643
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Ticker: ASX:XRO
 
 
 
 
 
 
 
 
Xero Limited
Xero Limited
Xero provides online accounting software and services for small to medium sized businesses. Its accounting system has a cashbook, automated daily bank feeds, invoicing, debtors, creditors, sales tax and reporting.
year
2018
rev ($mm)
$324.04
EBITDA ($mm)
($3.76)
EBIT ($mm)
($9.88)
Net Income ($mm)
Employees
2302
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Ticker: ASX:RKN
 
 
 
 
 
 
 
 
Reckon Limited
Reckon Limited
Reckon Limited (RKN) is an Australian publicly listed company well known as a leading provider of software solutions for accounting and bookkeeping professionals, as well as small to medium sized businesses, small office/home office users and personal wealth management.
year
2017
rev ($mm)
$73.92
EBITDA ($mm)
$14.15
EBIT ($mm)
$10.70
Net Income ($mm)
$7.78
Employees
118
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Ticker: HUBS
 
 
 
 
 
 
 
 
HubSpot, Inc.
HubSpot, Inc.
HubSpot is the world's leading inbound marketing and sales platform. Over 13,500 customers in more than 90 countries use HubSpot's software, services, and support to transform the way they attract, engage, and delight customers.
year
2019
rev ($mm)
$632.70
EBITDA ($mm)
($32.00)
EBIT ($mm)
($46.67)
Net Income ($mm)
Employees
3204
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Ticker: INTU
 
 
 
 
 
 
 
 
Intuit, Inc.
Intuit, Inc.
Intuit is a leading provider of business and financial management solutions for small and mid-sized businesses, consumers and accounting professionals. Its flagship products and services, simplify small business management and payroll processing, personal finance, and tax preparation and filing.
year
2020
rev ($mm)
$7,127.00
EBITDA ($mm)
$2,116.00
EBIT ($mm)
$1,911.00
Net Income ($mm)
$1,631.00
Employees
9400
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Ticker: TSE:3983
 
 
 
 
 
 
 
 
oRo Co., Ltd.
oRo Co., Ltd.
oRo, based in Japan, has two main divisions, a business solutions division which develops cloud software 'ZAC Enterprise' and 'Reforma PSA' and a communication division which focuses on digital advertising.
year
2018
rev ($mm)
$38.05
EBITDA ($mm)
$9.68
EBIT ($mm)
$9.28
Net Income ($mm)
$6.17
Employees
337
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Ticker: OTCPK:EPAZ
 
 
 
 
 
 
 
 
Epazz, Inc.
Epazz, Inc.
Epazz, Inc. specializes in enterprise cryptocurrency blockchain mobile apps and cloud business process software, with more than 500 repeat customers. Epazz technology makes it easy to convert legacy systems into cloud business process software.
year
2017
rev ($mm)
$1.35
EBITDA ($mm)
$0.30
EBIT ($mm)
$0.28
Net Income ($mm)
$0.05
Employees
8
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Ticker: UPLD
 
 
 
 
 
 
 
 
Upland Software
Upland Software
Upland Software is a leading provider of cloud-based Enterprise Work Management software. Their applications enables users to manage their projects, professional workforce and IT investments, automate document-intensive business processes and engage with their customers, prospects and community.
year
2019
rev ($mm)
$201.75
EBITDA ($mm)
$48.31
EBIT ($mm)
$17.85
Net Income ($mm)
Employees
667
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Ticker: HLSE:BAS1V
 
 
 
 
 
 
 
 
BasWare Oyj
BasWare Oyj
Basware is the global leader in providing purchase-to-pay and e-invoicing solutions in the world of commerce. Basware empowers companies to unlock value across their financial operations by simplifying and streamlining key financial processes.
year
2017
rev ($mm)
$184.50
EBITDA ($mm)
$0.83
EBIT ($mm)
($11.67)
Net Income ($mm)
Employees
1829
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