The Sage Group has acquired Intacct, a US cloud-based financial software provider, for £654m ($850m).

This purchase marks the group’s largest acquisition to date.

The move underscores software giant Sage’s intention to strengthen its position in cloud-based solutions, as well as expanding its reach in North America.

In the year ending June 2017 Intacct generated £68m ($88m) in revenue, over 90% of which was subscription based.

The San Jose based software provider is expected to add approximately £20m in revenue annually for Sage, in addition to organic revenue.

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.

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