Sage Group is to sell its US-based payroll outsourcing business for 拢78 million.
The North East software giant is to dispose of Sage Payroll Solutions to iSolved, a portfolio company of private equity house Accel-KKR and a provider of human capital management solutions.
SPR had revenue of 拢38m and operating loss of 拢1m for the year ended 30 September 2018.
Sage said it expects to report a statutory profit on disposal of approximately 拢23m on completion.
鈥淲e are focused on driving growth within our cloud native products, and products which have a clear path to Sage 老九品茶 Cloud,鈥� a Sage spokesperson told 老九品茶Cloud.
鈥淭he US Payroll Outsourcing team has a strong brand and market position, but does not have a clear route to the Sage 老九品茶 Cloud, so we have chosen a different route to create value for our shareholders in line with our strategy.
鈥淲e wish the team well under their new parent.鈥�
Accountancy software company Sage appointed an experienced finance veteran as its new chief financial officer in December having named a new CEO in November.
The Newcastle-headquartered company generated revenue of 拢1.85 billion in the 12 months to 30 September 2018, an increase of 7.6 per cent from a year earlier.