4th Jul 2016 07:57
LONDON (Alliance News) - Reputation and risk management software firm Access Intelligence PLC on Monday said it has agreed the sale of its AITrackRecord Ltd subsidiary.
Access will sell the unit to TrackRecord Holdings Ltd, a newly-formed company founded by current AITrackRecord chief executive David McNair Scott.
AITrackRecord provides training, competence and compliance management services for the UK financial services industry.
Under the agreement between the two, Access will get 20% of the share capital of TrackRecord and will get a deferred cash payment of GBP100,000 for the sale, which will be used to boost working capital.
"I am delighted that we have been able to secure a significant investment into TrackRecord via this new venture in return for reducing ourselves to a minority holding of 20%. We believe that with the new money coming into TrackRecord, the business now has the capital to expand and we are pleased to be part of the process," said Access Intelligence Chief Executive Joanna Arnold.
Access shares were down 4.8% to 5.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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