12th Mar 2021 13:34
Idox PLC - Reading, England-based management software provider - Agrees to sell its Compliance Operations business to digital learning and technology company Sponge Capital Ltd for GBP9.0 million cash. Notes the Compliance Operations business, part of Idox's Content division, is based in Germany and Belgium, and employs 48 people. Says proceeds from the sale will be used to reduce Idox's net debt and to continue to invest in its growth strategy.
"Whilst we are pleased with the progress of our Compliance business in the last two years, within our Four Pillars Framework, this transaction provides us with an opportunity to simplify operations within the group and focus on our key markets, whilst at the same time providing the Compliance business with a more relevant owner in order to realise its own ambitions," says Chief Executive David Meaden.
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By Zoe Wickens; [email protected]
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