23rd May 2019 18:14
LONDON (Alliance News) - Volvere PLC on Thursday said it has disposed of its CCTV viewing software business Sira Defence & Security Ltd for approximately GBP3.0 million in cash.
Shares in Volvere closed down 4.5% at 1,060.00 pence on Thursday.
Sira was sold to Nice Systems UK Ltd, a subsidiary of software solutions firm Nice Ltd for a total consideration expected to be around GBP3.0 million, although it will be subject to an adjustment based on working capital. Of this, GBP240,000 has been held in escrow for 18-months.
Volvere, a growth and turnaround investment company, is disposing of its entire 100% stake in Sira and expects to retain roughly GBP2.6 million of the total consideration following transaction costs and other payments.
Sira's 2018 revenue was GBP300,000 and its pretax profit before intra-group management and interest charges was GBP60,000.
Looking ahead, Volvere will focus on its remaining subsidiary, Shire Foods Ltd. Proceeds of the Sira sale will go toward Volvere's investing policy.
Volvere Chief Executive Jonathan Lander said: "We have been delighted with the success of Sira since we acquired it in 2006 and the disposal provides an excellent return for shareholders. We are grateful for the hard work and commitment of the staff at the company over a long period."
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