Lohn, acquired by Exact in 1999, will be sold for about $22 million in cash. Exact expects the deal to close in the current quarter. Remember that Exact also recently announced it had received bids for all of its shares. So there’s a lot going on. Exact CEO Erik van der Meijden emphasized his company is not leaving Germany. "We believe the German market continues to offer significant growth opportunities, specifically for Exact Online which we launched in the first quarter this year," he said. On its end, Sage said Lohn had 2013 revenue of about $18 million and that the deal makes it one of the top two payroll providers in that market.
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EXACT SELLING LOHN TO SAGE Featured
Exact continues to clean house with the announcement it will sell Lohn, its Germany-based payroll business to Sage. I said earlier this month that I would be surprised, after the company had decided to dump Longview, if it sold its manufacturing packages but that "Lohn is another story." Lohn just didn’t fit with the its other packages in the Specialized Solutions division, which are three American Manufacturing packages, Macola, Max and JobBoss.
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