21st Dec 2015 11:59
LONDON (Alliance News) - Kainos Group PLC said Monday it has completed the sale of its investment in self-service and mobile application provider SpeechStorm Ltd for an initial GBP2.0 million.
This was as a result or Greeneden UK Acquisition Co Ltd acquiring the entire share capital of Speechstorm. Kainos held shares, warrants and loan in SpeechStorm, which was previously a subsidiary of Kainos Software Ltd until 2010 when its management team undertook a management buyout. Kainos did not disclose details of its remaining stake in SpeechStorm.
Kainos said a further small consideration will be payable at a later stage subject to some conditions being met.
"SpeechStorm is an excellent example of a company that has been created using the group's technology expertise. Our focus is on the most profitable areas of the business where we are seeing the greatest demand from our customers, and now is the right time to realise the value that we have built in SpeechStorm," said Chief Executive Officer Brendan Mooney in a statement.
Shares in Kainos were up 0.1% at 253.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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