Sage selling Swiss business for £39m

Software company Sage Group has entered into an agreement for the sale of its Swiss business to HR software provider Infoniqa, it announced on Tuesday, which is majority-owned by Warburg Pincus.

The FTSE 100 firm had indicated that the business was held for sale in its full-year results on 20 November.

It said consideration was around CHF 50m (£39m), payable in cash on completion, subject to adjustment for net debt and working capital.

For the year ended 30 September, Sage’s Swiss business achieved revenue of £25m, down from £29m year-on-year, and operating profit of £4m, falling from £8m.

“The transaction is subject to certain closing conditions and is expected to complete within the next 12 months,” the Sage board said in its statement.

At 0806 BST, shares in the Sage Group were up 0.67% at 629.2p.