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Private Equity Firm to Buy Hewitt’s Software Unit

January 17, 2008
Related Topics: Human Resources Management Systems (HRMS/HRIS), Mergers and Acquisitions, Latest News
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Hewitt Associates Inc. is selling its Cyborg payroll and human resources software services unit to Vista Equity Partners, a San Francisco-based private equity firm.

Lincolnshire, Illinois-based Hewitt paid $43 million in May 2003 to acquire Cyborg. The acquisition of Chicago-based Cyborg allowed Hewitt to gain experience in the payroll field at a time the company needed to complete its suite of HR outsourcing services, Hewitt chairman and CEO Russ Fradin in a statement.

But Hewitt now is divesting Cyborg because licensing software is not core to its strategy of providing end-to-end benefits, payroll and workforce management services, said Jay Rising, president of Hewitt’s HR outsourcing business.

Terms of the sale were not disclosed.

Filed by Jerry Geisel of Business Insurance, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

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