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Sage buys Malaysia's UBS CorpTue 23 May 2006
LONDON (SHARECAST) - Software outfit Sage has agreed to pay £7m cash for majority stake in Malaysian business management software group UBS Corporation, it said today.
The UK group bought the 50.2% holding and, as required by Malaysian regulations, will make an offer to the remaining UBS shareholders to acquire all outstanding shares, for the same price of 0.98 Ringgit per share.
UBS revenues for the year ended 31 December 2005 were approximately £1.9m, while earnings before depreciation and amortisation were approximately £0.9m.
In addition, on 16 May, Sage acquired a Chinese Sage distributor comprising SWA and Huatuo Software, for a small, undisclosed consideration.
This business, based in Shanghai, resells and implements Sage's Chinese software products, ACCPAC and Adonix.
Chief executive Paul Walker said, “The acquisition of a controlling interest in UBS, and of distribution capability in China, together represent important early steps in our development of Sage businesses in the Asian region.”
“These businesses bring important local expertise and deep knowledge of the requirements of Asian SMEs. We see significant potential to build on these acquisitions whilst increasing our knowledge of the Asian business software markets."
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