Sage Group is selling its US-based payroll outsourcing business to iSolved HCM for around £78 million (US$101 million) to focus on its goal of becoming a Software-as-a-Service provider.
The accounting software vendor said the disposal of Sage Payroll Solutions was part of its strategy, as set out in its November 2018 financial results, to focus on subscription software that is currently either based on, or is moving to, its Sage Business Cloud.
iSolved, which is a member of private equity firm Accel-KKR’s portfolio, sells human capital management (HCM) applications. According to Enterprise Times, the purchase should boost the supplier’s ability to cross-sell its HCM software into the small-to-medium enterprise space.
Sage said the sale would generate £73 million (US$95 million) in cash, subject to a customary debt and working capital adjustment, while the rest will represent contingent consideration. According to Proactive Investors, subject to certain conditions, the deal should complete within the next three months.
Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.
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Sage Group is selling its US-based payroll outsourcing business to iSolved HCM for around £78 million (US$101 million) to focus on its goal of becoming a Software-as-a-Service provider.
The accounting software vendor said the disposal of Sage Payroll Solutions was part of its strategy, as set out in its November 2018 financial results, to focus on subscription software that is currently either based on, or is moving to, its Sage Business Cloud.
iSolved, which is a member of private equity firm Accel-KKR’s portfolio, sells human capital management (HCM) applications. According to Enterprise Times, the purchase should boost the supplier’s ability to cross-sell its HCM software into the small-to-medium enterprise space.
Sage said the sale would generate £73 million (US$95 million) in cash, subject to a customary debt and working capital adjustment, while the rest will represent contingent consideration. According to Proactive Investors, subject to certain conditions, the deal should complete within the next three months.
Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.
OTHER STORIES THAT MAY INTEREST YOU
ADP's purchase of Celergo is a "game changer", say experts
How HR can use technology as a catalyst for business change
Five tips for taking the stress out of your payroll year-end
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