LONDON: The Sage Group has entered into an agreement for the sale of its Swiss business to Infoniqa, a provider of HR software solutions majority-owned by Warburg Pincus.

Sage previously announced that the business was held for sale in its full year results announcement on 20 November 2020.

The sale consideration is approximately CHF 50m (£39m), payable in cash on completion (subject to adjustment for net debt and working capital).

For the year ended 30 September 2020, the business achieved revenue of £25m (FY19: £29m) and operating profit of £4m (FY19: £8m).

The transaction is subject to certain closing conditions and is expected to complete within the next twelve months.

Sage is the global market leader for technology that provides small and medium businesses with the visibility, flexibility and efficiency to manage finances, operations and people. www.Sage.com