iSolved HCM, LLC entered into an agreement to acquire Sage Payroll Solutions from The Sage Group plc (LSE: SGE) for approximately £78 million on January 15, 2019. The consideration is subject to a customary debt and working capital adjustment, which includes £73 million payable in cash and £5 million as contingent consideration. Sage Payroll reported revenue of £38 million and operating loss of £1 million for the year ended September 30, 2018. The transaction is subject to certain completion conditions, including clearance (or deemed clearance upon expiration of the applicable waiting period) under the US Hart-Scott-Rodino Antitrust Improvements Act. As of February 4, 2019, The Federal Trade Commission approved the transaction. The completion is expected to occur within the next three months. The proceeds will be invested for growth and used to reduce net debt. Raymond James & Associates, Inc. acted as financial advisor to Sage Payroll Solutions.