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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