23rd Dec 2020 08:02
(Alliance News) - Sage Group PLC on Wednesday said it has entered into an agreement to sell its businesses in Asia and Australia to business management software provider Access Group for GBP95 million.
In November, the FTSE 100 accounting software firm stated its Asian and Australian businesses had been held for sale in addition to its business in Poland and Switzerland. On Wednesday, it noted it will retain global products that are core to its growth strategy including Sage Intacct, Sage People and Sage X3.
For Sage's financial year ended September 30, 2020, the Asian and Australian businesses posted revenue of GBP48 million and operating profit of GBP6 million.
The transaction is expected to complete in the next six months.
Shares in Sage were trading 0.1% lower at 590.80 pence each on Wednesday morning in London.
By Ife Taiwo; [email protected]
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