22nd Oct 2015 07:41
LONDON (Alliance News) - Elecosoft PLC on Thursday said it has sold the architectural services of its Swedish business, Consultec Arkitekter & Konstruktörer AB, to architectural consultants, Tyrens AB for GBP872,000.
"The divestment of our Swedish architectural services business to Tyrens, and our continuing collaboration with Tyrens on software projects, are consistent with our aim of establishing Elecosoft as a leading international specialist in the development and supply of construction software," Chief Executive John Ketteley said in a statement.
"We look forward to further progress as we are able to focus on our profitable core business," Ketteley said.
The deal means that Elecosoft's international operations will consist primarily of software development, and software sales activities together with training and software consultancy support in its main overseas markets including Sweden, Germany, the USA and Benelux.
Elecosoft's Swedish business has previously collaborated with Tyrens on numerous software development projects. The two companies are "actively exploring other opportunities" to work together.
Shares in Elecosoft were untraded on Thursday, having last traded at 27.50 pence.
By Samuel Agini; [email protected]; @samuelagini
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