According to Master blogger, Dennis Howlett, CedarOpenAccounts has acquired Version One. Dennis has got the information first hand from Mark Lane, leader of CedarOpenAccounts‘ M&A team. Here is a link to the story.
It was not too long ago that I spoke to Tony Bray of Version One about cashing in his investment. But this news came as a bit of a surprise as I thought Sage would be the likely acquirer. Version One is a well run company, a family company, whose businesses has been built through re-investment of profits.
Here is the press release:
April 2nd, 2007 – COA (CedarOpenAccounts) the fastest-growing UK business software vendor has acquired Version One, the leading UK document management and imaging software author.
The acquisition, COA’s seventh in 4 years, will give the company a leadership position in the UK document management and imaging market, a high growth area due to ever-increasing business demand for improved efficiency, process automation and a reduced carbon footprint.
Following the acquisition, COA’s customer base will exceed 3,000 UK organisations and its total employees will exceed 450.
Contrary to the software market’s trend of frequently making acquisitions to secure critical mass alone, COA selected Version One because its software adds essential functional capabilities demanded by its customers. These capabilities enable customers to electronically design, deliver, store, retrieve and authorise business documents such as invoices and purchase orders, directly from their core finance system.
Mark Thompson, managing director of COA, says, “This acquisition is fantastic news for existing and prospective customers and partners of both companies. They will now benefit from Version One being part of a larger organisation with significant development resources and a major market presence in the UK.”
COA and Version One have been partners since 1997 and the companies already have over 250 joint customers throughout the UK including Specsavers, Aer Lingus and The Forestry Commission.
Karen Dicks, Director of Finance, Specsavers, says, “This acquisition is good news for COA and Version One customers. Specsavers has vastly improved financial processes using a system based on integrated COA and Version One software. This is a natural choice for businesses who want to drive greater efficiencies through an advanced financial management system.”
Tony Bray, director of Version One, comments, “Both companies have enjoyed a close partnership for over 10 years, making the acquisition of Version One by COA the next logical step. Our customers and partners should be reassured by COA’s solid reputation and in-depth understanding of the financial software market. The company is ideally positioned to drive Version One to even greater success.”
Version One will continue to operate from its headquarters in Cheshire. It will also continue to support existing customers and re-sellers of Version One technology and sell its products to all types of businesses worldwide.
mmhhh…Total employees exceeding by 450! I think its more likely 45 instead of 450.
Well done Tony!