Exact completes sale of Lohn
Exact announces it has completed the sale of Lohn, its Germany-based payroll business, to Sage Software GmbH. The transaction has been approved by the German Federal Cartel Office (Bundeskartellamt).
Through the divestment of Lohn, Exact gains further focus on its core activities as a leading supplier of enterprise resource planning (ERP) and accounting software for small and medium-sized businesses (SMBs). Exact believes the German market continues to offer significant growth opportunities, specifically for Exact Online which was launched in Germany in the first quarter of 2014.
Exact will decide on the use of the cash proceeds of the divestiture with its full year results.