The Sage Group PLC, a U.K.-based vendor of accounting software that runs on PCs, today said it signed a deal to buy Best Software Inc. in Reston, Va., for $445 million in cash.
Best Software makes Windows-based financial management and human resources applications. The company today reported 1999 revenue of $91.4 million and a full-year profit of $12.1 million.
The acquisition is scheduled to be completed next month, the two companies said. Best Software will become a subsidiary of Sage Group and operate as part of Sage US Inc. in Irvine, Calif.
Sage Group last month reported revenue of $498.9 million and an $82 million profit for its fiscal year ended in September. The company already owns three software business in the U.S. that produced $114 million in revenue during the last fiscal year.