Newcastle-based accounting software giant Sage Group said on Tuesday it agreed the sale of its Swiss business to Infoniqa, a provider of HR software that is majority-owned by Warburg Pincus.

Sage previously announced that the business was held for sale in its full year results announcement in November 2020.

“The sale consideration is approximately CHF 50m (£39m), payable in cash on completion (subject to adjustment for net debt and working capital),” said Sage.

“For the year ended 30 September 2020, the business achieved revenue of £25m (FY19: £29m) and operating profit of £4m (FY19: £8m). 

“The transaction is subject to certain closing conditions and is expected to complete within the next twelve months.”