The deal is expected to be completed within three months. Sage says it will recognize a gain of about $30 million on the sale. Based in Charlotte, N.C., iSolved offers HR, payroll, time and attendance and benefits enrollment services. The company also operates the iSolved Network, which enables independent companies to deliver services via iSolved’s cloud-based HCM platform. Sage re-entered the payroll business when it acquired PayChoice for $175 million in 2014 from investment firms Great Hill Partners, Baird Venture Capital and North Hill Ventures. Based on U.S accounting principles, the purchase and sale prices would not yield a gain. A question about the factors in calculations as reported by Sage has been sent to the company.
SAGE FINDS PAYROLL BUYER Featured
Sage has reached an agreement to sell its payroll outsourcing business based in the United States. Sage Payroll Solutions will be sold to iSolved HCM, which is owned by investment firm Accel-KKR, for approximately $100 million.
