Sage Ireland has acquired Dublin-based software firm Denver Manufacturing, which trades as Coretime, in a deal said to be worth under EUR1m. The company also confirmed that it was close to acquiring another Irish firm.
Coretime is developer and author of the time and billing/project management system, Tempus Pro, which is aimed at accountants, architects, engineers and solicitors to help them manage their client accounts. The acquisition will boost Sage’s annual revenues in Ireland to about EUR20 million and give it access to 600 customers.
The purchase of Coretime adds a complementary line of time and billing and project management systems to Sage’s accounting and business management software systems. It also provides Sage with a new service line in legal software (‘Breeze for Barristers’) where Coretime acts for a growing, high profile client list.
The combined number of registered customers will be in excess of 47,000, the company said. ‘The acquisition of Coretime should be seen as a strategically important step in our ambition to offer our customers complete, scalable and flexible solutions”, says Liam
Mullaney, managing director of Sage Ireland. ‘We believe that the products and resources we have acquired give us added value and broaden our product portfolio and will have a positive impact on our growth.
Coretime’s range of software will continue to be marketed and supported with the stability and financial backing of Sage’s investment in Ireland’. Mullaney said that Sage Ireland was close to finalising another acquisition, which he expected to be completed before the end of April.
‘This acquisition is an ideal situation for everyone involved’, says Derek Vard, general manager of Coretime. ‘Coretime’s customers can be assured that the products will continue to flourish and they can look forward to exciting improvements and increased
capabilities’.
28/06/04
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