Newcastle-based software giant Sage Group said on Wednesday it agreed to sell its businesses in Asia and Australia to The Access Group for £95 million. 

“In its full year results announcement on 20 November 2020, The Sage Group plc announced that its businesses in Asia and Australia (excluding global products) were held for sale,” said Sage.

“Sage today announces that it has entered into an agreement for the sale of these businesses to The Access Group. 

“For the year ended 30 September 2020, the businesses being sold achieved revenue of £48m (FY19: £48m) and operating profit of £6m (FY19: £5m). 

“The sale consideration is approximately £95m, payable in cash on completion (subject to a customary net debt and working capital adjustment).  

“Sage is retaining its global products that are core to its growth strategy including Sage Intacct, Sage People and Sage X3.

“The transaction, which is subject to approval by the Australian Foreign Investment Review Board (FIRB), is expected to complete in the next six months.”