6th Apr 2021 07:57
(Alliance News) -Â Sage Group PLC on Tuesday said it has agreed to sell its Swiss business to Infoniqa, a human resources software provider majority-owned by Warburg Pincus.
Accounting software firm Sage is selling the unit for CHF50 million, equivalent to around GBP39 million, payable in cash on completion. The deal is expected to complete within the next twelve months.
For the year ended September 30, 2020, the business achieved revenue of GBP25 million and operating profit of GBP4 million. Sage previously announced the unit was held for sale in its full-year results announcement in November.
At the start of March, Sage completed the disposal of its Polish business to funds advised by Mid Europa Partners LLP for GBP66 million.
By Lucy Heming;Â [email protected]
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