Scottish consultancy Newell & Budge has been sold to French firm Sopra for £45m. The deal is described as a merger and the new firm will trade as Sopra Newell & Budge in the UK.
Ann Budge and Alison Newell started the business in 1985. Newell retired in 2001 and an MBO gave many staff an equity stake in the firm. It should make sales of between £37m and £38m in 2005, 20 per cent growth on last year. Staff will share £6.75m as a result of the deal.
Budge told the Scotsman she had been approached by Sopra and it was "clearly hard not to be delighted". Budge will stay on to run the business.
The 20-year old company employs 600 UK staff and 100 people in Delhi through subsidiary Momentum.®