Sage (UK) Limited, a leading provider of business software and services, today announces the acquisition of Tekton for an enterprise value of £21 million, paid in cash.
As one of the fastest growing construction solutions providers in the UK, Tekton provides specialist construction software, implementation and support
services to more than 230 companies throughout the UK & Ireland including Skanska UK PLC, ISG, Kier and Taylor Wimpey. In the full year to June 2007, Tekton reported revenues of £10 million.
The construction industry is significant in the UK, contributing 9% of the total UK GDP and there is over £50bn worth of committed commercial and public sector projects planned across the UK in the next 10 years.
Brendan Flattery, Managing Director of Sage’s Mid-Market Division, comments: “Tekton will complement our own established offerings for construction and will further broaden our existing customer vertical expertise in the sector. We already have a strong presence in the construction industry and recently helped over 5,000 of our customers manage the introduction of CIS.”
He continues: “This acquisition is further evidence of our commitment to providing our customers with a full range of business software and services to meet their own business and industry specific requirements. With high levels of localised legislation and compliance in the construction industry, companies require specific local knowledge and expertise from their suppliers and Tekton will bring even more of this domain knowledge to Sage.”
Approved Spokes People
The following spokespeople are approved to speak to the trade press and media on the acquisition announcement.
- Paul Stobart, Sage CEO UK and Ireland Region
- Gavin May, Sage Business Development Director UK and Ireland Region
- Brendan Flattery – Managing Director – Sage MMD
These spokespeople will be briefed by Lisa Graveling before any media interviews/comment take place.
Important Note - Any city enquiries must only be handled by Cynthia Alers
Copy of Official Trade Press Release