Australian outsourcing firm sold for $88.4m

The Wall Street Journal writes.

SmartGroup Investments is paying A$84.9 million ($88.4 million) to acquire the outsourcing specialist, which handles back-office functions from salary packages to employee benefits schemes, from Philippines-listed Paxys.

The sale includes all of Paxys Australia's subsidiaries, which include SmartSalary, SmartFleet Management, SeQoya, PBI Benefit Solutions and Australian Vehicle Consultants, Business Mirror reports.

At end-2011, the net book value of Paxys Australia stood at A$34 million, and is approximately 66% of Paxy's total consolidated net assets.