Sage Group completes £78m sale of US payroll business
The Sage Group Plc has completed the disposal of its US-based payroll outsourcing business.
The deal, announced in January, saw Gateshead-based Sage transfer ownership of Sage Payroll Solutions (SPR) to workforce management software maker iSolved for £78m.
SPR generated a turnover of £38m in the year to September 30 2018 but made an operating loss of £1m.
iSolved is headquartered in Charlotte, North Carolina, and backed by tech-focused private equity house Accel-KKR.
Speaking in January, the CEO of iSolved HCM, Dave Dawson, said: “SPR payroll customers and licensees will now have access to cutting-edge HCM technology that includes employee engagement, performance and collaboration, benefits enrollment, time and attendance, as well as a payroll platform that is ideal for today’s employer.
“iSolved HCM has experienced phenomenal growth over the last few years, and this acquisition dramatically expands the users and businesses who trust iSolved for their workforce management needs.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular North East morning email for free.