Exact announces agreement to divest Lohn
Delft, July 21, 2014 - Exact announces an agreement to divest Lohn, its Germany-based payroll business, to SAGE Software GmbH for an amount of € 16.250.000 in cash. The transaction requires approval from the German Federal Cartel Office (Bundeskartellamt) and is expected to be closed in the third quarter this year.
Lohn, which is active in the German market, provides payroll solutions ranging from payroll software products to full business process outsourcing (BPO) solutions. Lohn was acquired by Exact in 1999.
Erik van der Meijden, CEO Exact: "With the divestment of Lohn and the sale of Longview, announced earlier this month, we gain further focus on our core activities. We believe the German market continues to offer significant growth opportunities, specifically for Exact Online which we launched in the first quarter this year."
Capital SCF acted as the exclusive financial advisor to Exact for the divestiture of Lohn.