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Sage Acquires ‘Intacct’, Cloud Financial Management Solutions

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The Sage Group plc (“Sage”), has announced that it has agreed to acquire Intacct Corporation (“Intacct”), a leading provider of cloud Financial Management Solutions in North America.

The total consideration is $850m (£654m1) to be paid in cash and rolled over Sage options.

Intacct is headquartered in San Jose, California, and serves thousands of businesses in the North American scale-up and enterprise markets4, both directly and through a network of partners. Intacct provides sophisticated and powerful cloud Financial Management Solutions targeted at growing businesses looking for rich financial and operational insight, process automation, seamless integration with their existing software, advanced features and a modern user experience.

The company has a three-year revenue CAGR in excess of 33%5, with current annualised recurring revenues of $96m (£74m)6 and revenues in the twelve months to June 2017 of $88m (£68m)7, over 90% of which is subscription based.

Intacct was recently named a Visionary by Gartner in its inaugural Magic Quadrant for Cloud Financial Management Suites for Mid-Size, Large and Global Enterprises (June 2017).

Intacct’s CEO, Robert Reid, leads an experienced management team with a demonstrated track record of scaling at pace, who will remain to run the business, thereby ensuring continuity for customers, partners and employees.

Sage management reconfirms current guidance as detailed in Sage’s Q3 trading update for the full year of at least 6% organic revenue growth including the contribution from North American Payments through to completion of the disposal and an underlying operating margin of at least 27%. For the avoidance of doubt the underlying operating margin guidance includes any investments in Sage Intacct, Sage People and Compass.

In addition to organic revenue we expect Intacct (to be known as Sage Intacct after completion), Sage People (Fairsail) and Compass to add approximately £20m of revenue in this financial year.8 Following completion of the transaction, the pro-forma net debt to EBITDA leverage ratio will remain in the previously communicated range of 1 – 2x. The transaction is expected to complete within weeks, subject to customary completion conditions.

Strategic Rationale
The acquisition demonstrates Sage’s strong affirmation to winning in the cloud, winning in the US and accelerates the strategy underpinned by Sage’s five strategic pillars.

As customer demand moves to the cloud and away from traditional monolithic ERP suites, the acquisition strengthens Sage’s position as providing the first and last cloud Financial Management Solution a customer will ever need from start-up to global enterprise, whilst integrating seamlessly with their other enterprise applications.

Sage partners will now be able to grow their own businesses fully in the cloud with Sage. In the short term it provides Sage further platform for growth, with medium term aspirations for geographical expansion.

Finally, the combination of Sage and Intacct’s existing product portfolio, brand, resources and partners, will put Sage in prime position to establish itself as the leading provider of cloud Financial Management Solutions in North America in our chosen segments.

Commenting on the acquisition, Stephen Kelly, CEO of Sage, said: “Today we take another major step forward in delivering our strategy and we are thrilled to welcome Intacct into the Sage family. 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. Intacct opens up huge opportunities in the North American market, representing over half of our total addressable market.”

Robert Reid, CEO of Intacct, added: “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 is growing rapidly in our market and we are proud to be a recognised 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.”

Evercore acted as financial advisor to Sage. Sage also received financial and corporate broking advice from Citigroup Global Markets Limited. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Sage.

Morgan Stanley & Co. LLC. acted as financial advisor and Fenwick & West LLP served as legal advisor to Intacct.

This announcement contains inside information. The person responsible for arranging for the release of this announcement on behalf of Sage is Lauren Wholley.

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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FG Warns of High Increase in Illegal Kidney Harvest

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The federal health ministry has written the Nigerian Medical Association (NMA) to warn all doctors in relevant specialties to “be aware so that Nigerians will be circumspect while embarking on medical tourism in Egypt

 

The memo is to create awareness to Nigerians intending to travel to Egypt for medical attention. Patients stand the risk of getting their organs illegally trafficked or losing their lives to the growing trade in illegal organ harvest and transplant.

 

It raises concern about patients possibly seeking treatment abroad and their doctors referring them to any complicit hospital.

 

Dr Wapada I. Balami, director for Hospital services, in a statement for the Minister of Health entitled, ”41 Suspected illegal human kidney traffickers on the trail in Egypt” revealed that there is an increase in illegal harvesting and transplanting of human organs in that country.

 

It was also gathered that 41 human kidney traffickers have been arraigned by Egypt’s prosecutor Generals and the hospital in which these atrocities were committed were listed.

 

Nigerians are, however, advised to be aware of the said issue while embarking on medical tourism in Egypt.

 

The office of Egypt’s prosecutor-general has issued names of private hospitals in Giza area of Cairo complicit in the trafficking of human kidneys.

 

  • Dar al-shefa in Helwan, Cairo
  • Al-Bashar Specialist Hospital in Faisal, Giza
  • Al-Amal Centre for General Surgery in Maurinteya, Giza
  • Dar Ibn Al-Nafis Hospital, Giza

 

 

“If some of our colleagues are in that trade, that is very disheartening,” Mike Ogirinma, NMA president.

 

“For us as an association, we may not have such powers to stop it but we can investigate.”

 

But NMA is handicapped to sanction erring doctors.

 

The regulatory body, the Medical and Dental Council of Nigeria, which hosts a tribunal to try erring doctors and dentists cannot constitute a board since it was dissolved in 2015.

 

“The organ left for us is the regulatory body, MDCN. Professional misconduct or negligence are taken before it. Unfortunately that council was dissolved immediately this administration came in, and NMA has been pushing for it to be reconstituted.”

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MainOne Pledges Support for Host Communities, Renovates School in Lagos

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MainOne's staff in group photographs with pupils of Ilasan Primary School, Jakande-Lekki.

By peter oluka

MainOne, West Africa’s leading connectivity and data center solutions provider, has once again proven its continued Corporate Social Responsibility commitment in its host communities by renovating the Ilasan Primary School, Jakande-Lekki.

According to the Company, the CSR was in a bid to provide the students with a conducive learning environment.

Led by Mrs. Oluyomi Johnson, MainOne’s Health, Safety and Environment Coordinator, the company renovated all 14 dilapidated classroom blocks within the school premises and decorated the classrooms with learning materials.

Speaking on the Company’s CSR initiative themed “Changing Lives, Impacting the Future (CLIF)” at the launch of the newly refurbished classroom blocks,  Mrs. Johnson stated, “MainOne prides itself on being a relevant and integral member of its host communities and as a socially responsible organization, we believe it is important to give back to our community. We will continue to provide support in every way we can including volunteering the service of our employees as we seek to change lives and impact the children – our future.”

Mr. Kayode Olutayo, head Teacher, Ilasan Primary school, commended the company for its support in renovating the school which had been overrun by bushes, suffered severe flooding and dilapidated classrooms, making for an unsafe learning environment for students.

“This project is a welcomed development in our community. We thank MainOne for their efforts in refurbishing our school and making it a conducive environment for our students.  However, like Oliver Twist, we still ask for more. We need teachers, more learning materials and funding to keep our school running. We therefore call on the government and other organizations to take initiative from MainOne and come to our aid,” Olutayo said.

Congratulating the company on a job well done, Chairman Eti-Osa Local Government, represented by the HOD Education, Eti-Osa LGA, Mr. Oshin applauded the company’s initiative in improving the standard of education in the school and community. He also pledged the government’s support in working with the school to ensure all their needs are met.

Speaking on behalf of MainOne, Mr. Kasope Akindele, manager, Legal & Regulatory Services, thanked the school and the Ilasan community for their warm welcome. “MainOne will continue to play its part in contributing to the development of its host communities. We also urge the government to push policies that will improve the standards of education both in the community and state,” he added.

Since 2011, MainOne has made supporting educational institutions in Nigeria a priority through yearly donations of learning materials including text and exercise books, writing materials as well as renovation of critical infrastructure facilities.

The contributions of the company towards the development of these learning institutions forms a part of its Corporate Social Responsibility focus in Education and Information and Communications Technology.

 

 

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Ogundare, Newcross CEO Donates Digital Library To LUTH

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(L-r): Professor Afolabi Lesi, provost college of Medicine University of Lagos Idi-Araba; Dr. Bolaji Ogundare, Ceo Newcross Petroleum; Professor Oyinkan Sofola, dean, Faculty of Dental Science, College of Medicine University of Lagos and Professor  Akinbo, deputy provost, College of Medicine University of Lagos, during the handing over of a Library built by Dr. Ogundare for the Faculty of Dental Science, College of Medicine University of Lagos Idi-Araba

By peter oluka

As part of efforts to expand access to global information and aid learning in medical education, Dr Bolaji Ogundare the chief executive officer (CEO) of Newcross Petroleum, has donated a digital library to the Faculty of Dental Sciences, College of Medicine, University of Lagos Idi-Araba, Lagos.

During the handing over ceremony held recently, Ogundare called on the private sector players to consider urgent and massive investment in health education as that will tremendously improve capacity and competencies for Nigerian hospitals and aid availability of world-class healthcare services locally in the country.

During his address, the Dental Surgeon remarked that the library which he donated to his alma-mata was built in memory of his late father, Mr Samuel Olatunji Ogundare, describing the project as his contribution to health education in the country.

Ogundare said he was challenged to take on the project due to the low level of infrastructure in the College, appealing for urgent private sector intervention for infrastructure upgrade at the Faculty of Dental Sciences.

“Infrastructure upgrade and personnel motivation can help this College a great deal. If the private sector invests more in healthcare services, capital flight will be prevented and many healthcare services for which Nigerians travel abroad can be accessed at affordable rates and convenience locally. I urge all well-meaning citizens and business interests to urgently intervene.”

Commending Ogundare for his contribution to the college, the provost of the College of Medicine, Professor Afolabi Lesi said the library mirrors the core of the educational institution. This project has touched on the essence of this institution of learning.

Prof Lesi urged other alumni of LUTH in public and private sectors to emulate Ogundare by investing in healthcare services and educational development. He therefore promised that LUTH management will maintain the project maximally.

 

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