A SOFTWARE firm employing more than 1,000 North-East workers is paying £97m for a US payroll and HR company.
Sage Group, which has a base in Newcastle, has reached an agreement to acquire PAI Group, known as PayChoice, which provides services for small and medium-sized businesses.
Bosses say the deal will strengthen Sage's position in the US’ payroll market, and will be completed next month.
Pascal Houillon, chief executive of Sage North America, said: “PayChoice is an excellent business, with a strong management team and a proven business model based on supporting small and medium-sized businesses.”
Earlier this year, Sage revealed it was on track to hit revenue targets as subscribers continued to sign up to its products.
It said organic revenue increased 4.7 per cent in the first nine months of the year, and grew 4.3 per cent in the third quarter from April 1.
The company has also worked with Formula One team Marussia, providing software for engineers to monitor thousands of car parts, and operates Sage One, an online accounting platform, from the region.
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