SAGE SOFTWARE TOPS $1B MARK
Sage Software said that it reached $1.01 billion in revenue in the fiscal year ended Sept. 30, 2007, a 54 percent increase over last year.
The company, which is the North American business of the United Kingdom's Sage Group, also saw a 28 percent jump in earnings before interest, taxes and amortization, to $198.1 million. Sage's parent company saw revenue of $2.29 billion for the year ended Sept. 30, 2007, an increase of 30 percent over the prior-year period, at constant exchange rates. EBITA for the year was $561.2 million, a 19 percent increase over the prior year.
The Sage Group added 319,000 customers during the year, bringing its total to 5.5 million businesses worldwide, excluding customers of its Act! contact management software. North American revenues represented 44 percent of the Sage Group's global revenues in 2007. Sage Software recently underwent a management reshuffling that saw the ouster of several top executives. In May the company reorganized into four divisions, with its accounting software products in its business management division.
EPICOR TO BUY NSB RETAIL SYSTEMS
Epicor Software said that it planned to acquire NSB Retail Systems for approximately $322 million. Epicor plans to pay 38 pence per share for NSB, a Montreal-based company that is listed on the London Stock Exchange. The boards of both companies have agreed to the arrangement and it is expected to close in February. As of June 30, NSB had a balance of $34.6 million on its books and owed no outstanding debt.
Epicor plans to fund the acquisition with $155 million from its existing cash balances, in addition to funds from a new credit facility that Bank of America has set up.
ORRTAX RELEASES NEW INTELLITAX
Electronic tax prep provider Orrtax Software Solutions has released its 2007 IntelliTax Program and Setup package for professional tax preparers. The product handles both individual and corporate federal and state returns. It files tax returns electronically and processes bank products associated with income tax refunds.
IntelliTax comes in three editions: IntelliTax Essentials, for professional tax preparers who only do federal 1040 and state individual returns; IntelliTax Expert, for preparers who work on both individual and business returns, usually within one office; and IntelliTax Enterprise, for tax pros who need to manage multiple offices.
A new keyboard shortcut helps preparers reach W-2 forms more quickly, and a filing options worksheet helps preparers explain their findings to taxpayers.
For more, go to www.orrtax.com.
