20th Feb 2023 11:09
(Alliance News) - Eleco PLC on Monday said it has sold its wholly owned subsidiary Eleco Software GmbH, the German Arcon architectural CAD business, for EUR600,000.
The London-based construction software developer said it has sold Eleco to FirstInVision GesmbH, an Austrian architectural software business.
The EUR600,000 consideration will be satisfied in cash, with EUR550,000 immediately payable on completion and EUR25,000 in two deferred instalments over the next two years.
Eleco explained that the transaction supports its strategy to focus on its core customer segments and businesses.
Chief Executive Jonathan Hunter said: "This transaction reinforces our strategy to focus on our core businesses as we successfully transition these businesses on the software-as-a-service journey; it brings greater certainty for the Arcon business, staff and customers going forward; and, also frees up valuable management time for application to other parts of the business and acquisitions."
Shares in Eleco were up 0.6% to 83.50 pence each in London on Monday morning.
By Sophie Rose, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Elecosoft