Royal Bank of Scotland is acquiring accounting software firm FreeAgent, thus marking its first acquisition since its controversial deal to buy ABN Amro Bank. The bank said it has agreed to buy the company for around 53 million pounds. The bank had reported its first profit in a decade and the government is starting to sell its 72% holding in the bank. The bank’s chief executive Ross McEwan said a technology-enabled solution for our business banking customers will make it easier for our customers to build their businesses safely and securely. FreeAgent specializes in cloud-based accounting software and mobile applications aimed at businesses with 10 or fewer employees. The bank said FreeAgent will continue as an operationally independent member of the group with its existing executive management team.
