COA snaps up Version One

CedarOpenAccounts cites strong UK channel as main reason for acquisition

Business software vendor CedarOpenAccounts (COA) has expanded its channel operation by acquiring document management and imaging vendor Version One.

COA was previously a Version One reseller but has snapped up its former partner in an attempt to broaden its UK reseller base. It said it would inherit 100 resellers through the move.

Richard Fisher, a member of the COA management team, who has been appointed general manager of Version One, stressed that support for Version One resellers would remain unchanged.

“For COA customers, the acquisition is a natural step for two companies that already share many customer installations and whose products are already tightly integrated,” he added. “This enables both incoming and outgoing financial documents to be electronically created, stored, delivered and processed directly from our customers’ finance systems.”

Version One, which draws 80 per cent of its revenues from the channel, will continue to be run from its headquarters in Cheshire and will retain its specialist staff and brand.

COA is no stranger to growing its channel through acquisition: in 2004, it inherited a raft of resellers as a result of its purchase of UK financial software outfit OpenAccounts.

The vendor has now completed a total of seven acquisitions in the last four years.