Sage continues to focus its business through non-core disposals
The Sage Group plc (”Sage”) (Newcastle, UK) has announced it has reached agreement to sell seven products for an aggregate price of £93.4m, of which £81.9m is payable in cash on completion. The cash proceeds will be returned to shareholders. Sage will record a loss on disposal following completion of the transaction.
These seven products are discribed as “The Non-Core Disposals”. These are assets that are either not essential or are simply no longer used in a company’s business operations. They usually serve companies best when extra cash is needed as they can often be sold.
Guy Berruyer, Chief Executive, commented:
“The sale of these non-core products is consistent with our strategy of focusing our business to accelerate growth and demonstrates significant progress in streamlining the portfolio, allowing regional management to focus on the considerable growth opportunities within their core markets.”
In North America, Sage has reached definitive agreement to sell the trade and assets of Sage ACT! and Sage SalesLogix, the two international CRM products identified as non-core, to Swiftpage, and the trade and assets of Sage Nonprofit Solutions, Sage’s vertical software solutions for not-for-profit organisations, to Accel-KKR.
In Europe, Sage has received a binding offer from Argos Soditic for the sale of C&I, ATL and Automotive in France and Aytos in Spain. The sale requires prior approval from the French Works Council in accordance with French law.
The Sage Group plc is a leading global provider of business management software to small and medium sized companies, creating greater freedom for them to succeed. Sage understands how and why each business is unique. We provide products and services that suit varying needs, are a pleasure to use and are secure and efficient. Formed in 1981, Sage was floated on the London Stock Exchange in 1989. Sage has over 6 million customers and more than 13,500 employees in 24 countries covering the UK & Ireland, mainland Europe, North America, South Africa, Australia, Asia and Brazil. For further information please visit www.sage.com.