NEWCASTLE UPON TYNE (dpa-AFX) - Enterprise software provider Sage Group plc (SGE.L) Monday said its German unit agreed to buy payroll business Exact Software Deutschland GmbH for 12.87 million pounds in cash, in a bid to increase its payroll customer base and HCM capability.
Sage Group expects the acquisition to grow payroll revenues to around 30 million euros.
Exact Software Deutschland, the German payroll arm of Exact Holding N.V., provides payroll software as well as BPO services to around 3,400 small to medium-sized businesses. The company reported revenues of 10.5 billion euros in 2013.
The transaction is scheduled to close in the third quarter of 2014.
Copyright RTT News/dpa-AFX