18th Jul 2016 07:52
LONDON (Alliance News) - IT managed services provider and cloud services firm SysGroup PLC on Monday said it has agreed to sell its SME mass market business and said its chief financial officer will leave the company.
SysGroup, which changed its name from Daily Internet earlier this month, said it will sell the SME business, operated by Daily Internet Services Ltd, for GBP2.7 million in cash to a subsidiary of Host Europe Group.
SysGroup said the sale of the business will allow it to focus its resources on its higher-value managed services operations. The managed services business was recently increased in size by the acquisition of System-Professional Ltd, the deal which prompted the change of name for the group.
The company also said Julie Joyce will leave her role as chief financial officer on August 15 and will leave the company at the end of January 2017. She will be replaced by Michael Hogan, the former chief financial officer at UKFast.net Ltd, a managed hosting company, and CFO at Triptease Ltd, another software services provider.
SysGroup shares were down 2.4% to 61.00 pence Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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