26th May 2015 06:38
LONDON (Alliance News) - Imperial Innovations Group PLC said Tuesday it has sold its 17.8% stake in e-learning portfolio company Epigeum Ltd to Oxford University Press for GBP1.9 million in cash.
The stake in Epigeum was held in its books at a carrying value of GBP500,000, so the sale has produced a gross profit of GBP1.4 million before a 50% revenue share with Imperial College London.
Epigeum was spun out of Imperial College London and co-founded by Imperial Innovations in 2006.
"Epigeum is a great example of one of our many successful spin-outs from Imperial College that are able to grow with ambition, without receiving venture funding from the group," said Managing Director of Technology Transfer at Imperial Innovations Tony Hickson in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Imperial Innovations Group