The Sage Group PLC Acquires Intacct for $850 Million

British multinational enterprise software company Sage announced that it has acquired fintech startup Intacct. The total consideration is $850 million, to be paid in cash and rolled into Sage options.

Intacct was founded in 1999 to provide small and mid-sized businesses with a cloud-based alternative to on-premises and desktop accounting solutions like QuickBooks, Microsoft Dynamics, and Sage. The company’s financial management and accounting applications, in use by more than 8,500 organizations from startups to public companies, are designed to improve business performance. The Intacct system includes accounting, contract management, revenue management, project and fund accounting, inventory management, purchasing, vendor management, financial consolidation, and financial reporting applications, all delivered via Internet cloud computing.