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Germany : SAGE GROUP PLC acquires German payroll business for 16.25 million [TendersInfo (India)](TendersInfo (India) Via Acquire Media NewsEdge) Newcastle-based Sage Group plc has acquired Exact Software Deutschland GmbH, the German payroll business of Exact Holding N.V. This acquisition worth 16.25 million will be made by Sage s German subsidiary, Sage Software GmbH. This acquisition will result in increasing payroll revenue to nearly 30 million and establishes Sage as one of the two leading players in this segment in Germany. Reporting revenue of 10.5 million in 2013, Exact Lohn offers payroll solutions ranging from payroll software products to full business process outsourcing ("BPO") solutions. It serves nearly 3,400 small to medium-sized businesses in Germany. Followed by this acquisition, Exact Lohn will be integrated into Sage s German business. Alvaro Ramirez, chief executive officer of Sage Europe 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. Ramirez added, The acquisition significantly increases our payroll customer base and provides opportunity for us to drive growth through our enlarged customer base. Expected to close in the third quarter of 2014, the deal is further subject to approval from the German Federal Cartel Office (Bundeskartellamt). (c) 2014 Euclid Infotech Pvt. Ltd. Provided by SyndiGate Media Inc. (Syndigate.info). |