5th May 2016 07:05
05 May 2016
The Sage Group plc
Investment in Fairsail - Smaller related party transaction
The Sage Group plc ("Sage") announces that it has entered into an agreement to acquire 20.7% of the issued share capital of FAIRSAIL LIMITED ("Fairsail") for total consideration of £10m.
Fairsail is a privately owned software developer providing human capital management ("HCM") cloud solutions for mid-sized businesses. Sage has also extended its partnership agreement with Fairsail to offer its cloud HCM products as an integrated solution for Sage's leading business management system, Sage X3. Sage also intends to implement the Fairsail product as its global HCM solution.
Stephen Kelly, a Director of Sage was until recently a minority shareholder in Fairsail. The transaction is a smaller related party transaction under LR 11.1.10.R.
Enquiries:
The Sage Group plc | Tulchan Communications | |
+44 (0) 191 294 4190 | +44 (0) 20 7353 4200 | |
Simon John, Investor Relations | David Shriver | |
Amy Lawson, Corporate PR | Jonathan Sibun |
ENDS
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