21st Jul 2014 06:55
LONDON (Alliance News) - The Sage Group PLC said Monday it has acquired the German payroll business of Exact Holding NV for EUR16.3 million in cash via its German subsidiary.
The business management software company said that the acquisition will increase its payroll revenue to around EUR30 million and establish it as "one of the two leading players in this segment in Germany."
The payroll business posted revenues of EUR10.5 million in 2013. The business, called Exact Lohn, will be integrated into Sage's German business after acquisition.
"The acquisition significantly increases our payroll customer base and provides opportunity for us to drive growth through our enlarged customer base," said Chief Executive Officer of Sage Europe Alvaro Ramirez in a statement.
The acquisition is subject to approval from the German Federal Cartel Office. Sage expects to complete the deal in the third quarter of 2014.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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