BUSINESS IT group Sage has bought the German payroll software business Exact for £12.9 million.

That makes Newcastle-based Sage one of the leading players in the market in Germany with revenues approaching £26 million.

Exact is said to provide services to 3,400 small to medium-sized businesses.

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Alvaro Ramirez, chief executive of Sage Europe said: "We are excited about the growth opportunity that the combination of Sage and Exact creates for our German business."