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Sage to raise stakes in German payrolls after €16m acquisition of Exact Software Deutschland
Business software and services group Sage yesterday announced a deal to acquire German payroll firm Exact Software Deutschland for €16.25m (£12.87m).
The cash deal will boost Sage’s payroll business in Germany, increasing its revenue to around €30m and making it the second largest payroll player in the market.
“The acquisition significantly increases our payroll customer base and provides opportunity for us to drive growth through our enlarged customer base,” said Sage Europe’s chief executive Alvaro Ramirez.
The deal with Exact Software’s owner, Exact Holding, is expected to close in the third quarter of 2014, following its expected approval by the German Federal Cartel Office.