Software giant Sage sells US-based payroll business for £78m

North East software giant Sage Group plc is selling its US-based payroll outsourcing business for £78m.

The Newcastle-headquartered company announced in November that it was looking to sell its Sage Payroll Solutions arm.

Sage has now signed a deal to transfer ownership of the business to workforce management software maker iSolved, a portfolio company of tech-focussed private equity house Accel-KKR.

The transaction, Sage said, it part of a strategy to focus on subscription software solutions that are either in, or have a pathway to, the Sage Business Cloud.

Sage Payroll Solutions generated revenues of £38m with an operating loss of £1m in the year to September 30 2018.

The deal is expected to complete in the next three months. Proceeds raised will be invested for growth and used to lower net debt.

It follows the appointment of a new chief executive officer at Sage Group.

 

BDAILY ARTICLE

 

Leave a
comment

Read more posts

North East LEP reveals updated…

14.02.2019

The North East Local Enterprise Partnership (LEP) has published its updated Strategic Economic Plan, outlining how it will have helped create 100,000 jobs for the region by 2024. The organisation…

Read more

RT @NikDVH Recruiting a social media butterfly with experience in PR @theNBS Sound like you? Then check out the role here - thenbs.com/careers/vacanc… pic.twitter.com/ml3qs9MtvQ

Join our
mailing list