Sage Group has sold its Swiss business to HR software provider Infoniqa for around £39m as it continues to focus on its core cloud business units.
Swiss firm Infoniqa is majority-owned by Warburg Pincus and the acquisition is expected to be completed in the next 12 months, said Sage, who declared it would be selling off the unit last November.
UK-headquartered Sage announced last December that it had agreed to sell Sage Poland to Mid Europa Partners for £66m, and its business in Asia and Australia (excluding global products) to The Access Group for £95m - “to create a simpler and more focused business”.
In the last full year to 30 September 2020, the Swiss business generated lower revenue of £25m, against the £29m achieved in FY19. Its operating profit also slumped to £4m from £8m in a year.
Sage has also made acquisitions of its own recently, buying start-up Task Sheriff for its AI/ML capabilities to boost accounting automation in its financial services products.
The big channel vendor also invested in Bristol, UK-based retail sector ERP provider Brightpearl at the start of this year, taking a £23m minority stake in the firm as part of its strategy to diversify in complementary cloud based software.