News in Brief
News in Brief: Private Equity Firm to Buy Hewitt’s Software Unit

Private Equity Firm to Buy Hewitt’s Software Unit
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.
January 17, 2008
Private Equity Firm to Buy Hewitt’s Software Unit
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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