News
Sage Acquires ‘Intacct’, Cloud Financial Management Solutions

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.
News
Tomato ‘Ebola’ May Disrupt Nigeria’s Agric Value Chain- Rewane

Bismarck Rewane, renowned economist and chief executive officer of the Financial Derivatives Company, has warned that the recent outbreak of the tomato leaf miner, commonly referred to as “Tomato Ebola,” is a disruption to Nigeria’s agriculture value chain.

Bismarck Rewane, CEO, Financial Derivatives Company
Speaking on Channels Television’s Business Morning programme on Thursday, Rewane emphasised that the impact of the outbreak extends far beyond tomatoes, triggering a cost ripple effect across the broader food basket.
“The effect of an increase in the price of tomatoes leads to cost elasticity which means that the price of other substitutes will begin to increase, including the price of carrots, the price of tomato paste, price of tomato puree and other things.
“One for the reddening, two for the effect and the thickening on the sauce you’re making.
“However, because tomato is a perishable commodity, it also means that if there is tomato ebola, then the price has increased, and also the supply has reduced, it has a knock-on effect on so many other things,” Rewane explained.
He added that Nigeria’s lack of food storage and preventive mechanisms has worsened the crisis, causing severe supply chain disruptions.
Rewane’s comments come amid a sharp increase in the price of tomatoes, with a 50-kilogramme basket of the commodity which used to sell for N5,000, now selling for N10,000 to N30,000, thereby compounding food inflation and straining household budget.
The Federal Government said Nigeria has so far lost over N1.3 billion to the outbreak of the invasive pest in key tomato-producing states like Kano, Katsina, and Kaduna.
Abubakar Kyari, minister of Agriculture and Food Security, explained that the outbreak has significantly disrupted tomato supply chains, causing a surge in prices.
He noted that the outbreak of tomato Ebola highlights the fragile nature of Nigeria’s horticultural systems, and that the invasive pest can destroy tomato crops within 48 hours, resulting in catastrophic yield losses.
He added that this crisis highlights the urgent need for integrated pest management strategies, investment in resilient crop varieties, and enhanced support for farmers to safeguard the country’s food supply chains.
News
Loan Controversy: Court adjourns Otudeko, others’ case to June 11

A Federal High Court sitting in Lagos has adjourned the N12.3 billion loan controversy case involving the Chairman of Honeywell Group, Oba Otudeko, and three others, to June 11, 2025.

Oba Otudeko,
Justice Chukwujekwu Aneke postponed the case to allow time for either a peaceful settlement or the formal arraignment of the suspects.
The decision followed reports that negotiation are still ongoing between the parties involved for out-of-court settlement as advised by the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), who is trying to mediate.
During Thursday’s hearing, Otudeko’s lawyer, Bode Olanipekun (SAN), told the court that negotiations for an out-of-court resolution were still in progress.
Similarly, the lawyer for the Economic and Financial Crimes Commission (EFCC), Bilikisu Buhari, acknowledged the discussions but asked the court to set a new date for arraignment in case the negotiations fail.
It will be recalled that at the last sitting of the court on March 17, Chief Wole Olanipekun (SAN) had informed the judge that a meeting involving all counsel had been convened at the instance of the Attorney General of the Federation.
He said that this was aimed at reaching a peaceful settlement of the case.
Olanipekun had also stated that substantial progress was made, and the AGF directed all parties to refrain from actions that could jeopardize the resolution process, including filing further applications.
The court will reconvene on June 11 to hear the outcome of the settlement talks or proceed with the arraignment if no agreement is reached.
News
Zamfara, Oracle Partner to Drive Digital Skills Development

The Zamfara State government has signed an agreement with Oracle to invest in youth development, workforce capacity building and the digital economy under Oracle University’s Skills Development Initiative (SDI).
The agreement was signed at Oracle’s Offices in London, United Kingdom, with Governor Dauda Lawal representing the Zamfara State government.
A statement on Wednesday by the Governor’s spokesperson, Sulaiman Bala Idris, explained that the development will foster collaboration between the Zamfara Information and Technology Development Agency (ZITDA) and Oracle.
Secretary to the State Government, two Special Advisers and the Executive Secretary of ZITDA were also present at the event, along with Siobhan Wilson, Oracle UK Country Leader and Senior Vice President, EMEA.
The statement said, “Zamfara State government has signed a strategic agreement with Oracle to drive digital skills development across the state.
“Facilitated through the Zamfara Information Technology Development Agency, the collaboration will use the expertise and learning services of both Oracle Academy and Oracle University in their digital transformation efforts.
“The collaboration signifies a commitment to education and a strategic investment in the future of Zamfara’s youth, workforce and digital economy.
“Oracle Academy, Oracle’s global philanthropic educational programme offers a robust portfolio of technology education teaching and learning resources, including curriculum and software access, to educators and students worldwide.
“With the support of the Zamfara Information Technology Development Agency, these resources will be made available to validate higher education institutions across Zamfara.
“ZITDA will help lead efforts to integrate Oracle Academy offerings into Zamfara’s higher education curriculum, equipping educators with the tools and resources they need to guide students in learning hands-on tech skills and toward Oracle’s professional certifications and foster a new generation of tech-savvy leaders.
“In addition, Oracle University’s Skills Development Initiative, a global programme that provides access to world-class learning and certification programmes at no cost to eligible learners, will further expand opportunities for learners in Zamfara.
“Through a co-branded Learning Portal in collaboration with ZITDA, Oracle University plans to provide free access to digital learning paths and foundational certifications for eligible participants across Zamfara. This includes curated learning journeys offering over 200 hours of professional-level training in high-demand areas such as Cloud, AI, Data Science and APEX development.”
In his remarks at the ceremony, Governor Dauda Lawal restated that the collaboration with Oracle is part of his administration’s commitment to transforming Zamfara into a hub of innovation, education, and digital excellence.
He said, “on behalf of the government and the good people of Zamfara State, I extend my deepest appreciation to Oracle for believing in our vision and for partnering with us on this transformative journey.
“What we are doing today goes beyond technology, it is about giving hope, creating opportunities and unlocking the future. By investing in digital education and innovation, we are offering real alternatives to poverty, to joblessness and to despair. I sincerely thank Oracle for standing with us, believing in the power of partnership, purpose, and shared dreams.
“Today, we are not just signing a document, we are making a promise, promise that every child in Zamfara will have a fair chance to dream, to learn, and to succeed. A promise that technology will be our bridge to a stronger, more inclusive economy. And, a promise that Zamfara will not merely participate in the digital revolution, we will lead it.”
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