In a deal the companies managed to keep quiet until finalized, U.K.-based Sage Group has bought Intacct for $850 million.

Intacct will be known as Sage Intacct going forward.

The acquisition combines two of the leading companies in cloud accounting and financial management software. Founded in 1981, Sage has an established presence in the United Kingdom, although in recent years has struggled to grab a foothold the U.S. market. Intacct has been in operation in the United States since 1999.

Following the deal’s close, which is anticipated to happen within the next few weeks, Intacct’s “experienced senior management” will keep their roles, according to a fact sheet on the acquisition released by Sage.

The same fact sheet detailed that the acquisition is part of the Sage’s strategy to “accelerate its cloud-first strategy” and win business in the United States, and that Intacct is hoped to be a platform for growth, funded from the company’s ongoing cost-saving initiatives.

The acquisition is expected to add $26.07 million to Sage's revenue this fiscal year.

The purchase of the San Jose, Calif.-based financial software company is Sage’s largest acquisition to date. During fiscal year 2017, Sage made several smaller acquisitions, including Fairsail, Compass, and North American Payments Disposal, in order to fill in its so-called “golden triangle” of service offerings: Payroll and HR, payments, and accounting.

“The acquisition of Intacct supports our ambitions for accelerating growth by winning new customers at scale and builds on our other cloud-first acquisitions, strengthening the Sage Business Cloud,” Sage CEO Stephen Kelly said in the company’s regulatory filing. “Intacct opens up huge opportunities in the North American market, representing over half of our total addressable market.”

"We are excited to become part of Sage because we are relentlessly focussed on the same goal - to deliver the most innovative cloud solutions for our customers,” Intacct CEO Rob Reid added. “Intacct is growing rapidly in our market and we are proud to be a recognized customer satisfaction leader across midsize, large and global enterprise businesses. By combining our strengths with those of Sage, we can jointly accelerate success for our customers.”

Sage will fund the acquisition through cash on hand, existing credit and a new $390 million term loan.

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