Sage Group to acquire German payroll business

21st Jul 2014 08:03

FTSE 100-listed Sage Group has agreed a deal to acquire Exact Lohn, the German payroll business of Exact Holding, for £12.87m - a move that it anticipates will transform its own payroll business in Germany. The transaction, which is set to increase its payroll revenue to approximately €30m, will position Sage as one of the country's two leading players in the segment. Chief Executive Officer of Sage Europe, Alvaro Ramirez, said: "We are excited about the growth opportunity that the combination of Sage and Exact Lohn creates for our German business. "Exact Lohn strengthens our existing payroll and HCM capability, creating a market leading position in Germany. The acquisition significantly increases our payroll customer base and provides opportunity for us to drive growth through our enlarged customer base."Exact Lohn provides payroll solutions to around 3,400 small to medium-sized businesses in Germany. NR