Sage Group develops, distributes and supports business management software and related products for SMEs. Its products cover accounting (2010 Rev: 54%), HR and payroll (13%), industry specific solutions (25%), CRM (4%) and more. Sage Group has a strong global presence with more than 6m customers worldwide, where revenues are dominated by North America (2010 Rev: 38%) and mainland of Europe (36%). The group had zero organic growth in 2010, returning from a 5% contraction in 2009. Cost reductions were achieved and EBITA margin increased to 25% (2009: 24%). Sage has been highly cash generative for the last years, with operating cash flow 117% of 2010 EBITA (2009: 112%) and improving debt level (Net Debt/EBITDA 2010: 0.5x; 2009: 1.1x). Sage puts its focus on both organic growth and acquisition opportunities, in both existing and new geographies. Web-related products and services are key areas for Sage to achieve growth, both organically and through acquisitions. Among risk factors are competitor’s technological advancements and economic developments in main business regions.