Payroll and accounting software firm Sage Software is taking a stake in Salesforce-HR platform partner Fairsail.
Star-struck Sage, which has also announced interim financial results with growth in its own cloud service, will take a £10m minority stake in Fairsail and a board seat. Sage is leading the funding round.
Fairsail was started in 2007 and runs on the Salesforce platform. The firm's product will become the cloud HCM “platform of choice” for Sage’s X3 Business Management Solution, targeted at mid-sized firms, it says.
Its customers include Aveva, BetFair and Canonical.
Like Fairsail, Sage is a partner of Salesforce. Sage is up against ERP-SaaS provider NetSuite in the SMB business software market, with NetSuite going after mid-market firms running Sage – in particular, companies which are ready to move to something more recognisable as ERP.
Aside from Fairsail, on Thursday Sage also announced a 1.9 per cent increase in profit for the first six months of 2016 to £189m on a 6.2 per cent increase in revenue to £747m. Earnings per share fell slightly to 12.09p, down 1.5 per cent. ®