Ubisense To Sell Off Japanese Services Business For GBP700,000

6th Mar 2018 13:40

LONDON (Alliance News) - Ubisense PLC said on Tuesday it has commenced the reorganisation of its Japanese business, including the sale of its Japanese third party geospatial services business.

Effective on March 30, Ubisense - which makes enterprise location intelligence systems via its RTLS SmartSpace and geospatial myWorld products - will sell the business to a subsidiary of FinTech Global Incorporated of Japan for GBP700,000.

Subject to completion of the deal, Ubisense will acquire the 23% minority interest in its Japanese operating company, which will give the group 100% ownership of its remaining Japanese operations.

Proceeds raised from the sale will go towards financing the purchase of the minority interest and expand Ubisense's remaining businesses in the region.

"This is another important step for us towards generating more own IP revenues whilst transitioning away from third party services revenues. It represents a good solution for the Services Business in Japan and allows our remaining Japanese business to focus on accelerating revenue growth from Ubisense's own products," said Chief Executive Officer Richard Petti.

Shares in Ubisense were untraded on Tuesday, last quoted at 35.50 pence.

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