The Newcastle-based accountancy software firm, Sage Group has announced the sale of its Swiss arm for a cash consideration of £39m to Infoniqa, an HR solutions provider.
Backed by global private equity company, Warburg Pincus, Infoniqa serves SMEs in Austria and the surrounding DACH region.
Through the takeover, Infoniqa will see its turnover almost double to £51.5m, with the group’s employees also rising to 410.
Léon Vergnes, managing director at Infoniqa, said that through the acquisition, the group is continuing its “growth strategy and driving the international expansion” of the company.
He added: “Together With the proven and leading Sage Schweiz AG, we will be able to invest even more consistently in the further development of the products and in excellent customer service for all Swiss customers and partners.”
The transaction will entail the sale of a number of Sage products, including Sage Start, Sage 50 Extra, and Sage 200 Extra.
Thomas Hersche, managing director at Sage Schweiz, said: “The takeover of Sage Schweiz AG by Infoniqa is a great opportunity for our employees, customers and partners.
“As part of the Infoniqa Group with a strong investor in the background, this step offers us strong future prospects and the opportunity to be part of a strongly growth-oriented solution provider in the DACH region will continue to offer the highest software quality and maximum customer satisfaction in the future.”