Tern Group PLC (LON:TERN) has called off its planned acquisition of cloud software group Flexiant.
Conditions for the deal to proceed had not been met said investment company Tern though discussions were continuing.
Tern has held a 1% interest in Flexiant since November 2013 and agreed to issue 8mln shares to Flexiant Corporation Limited (FCL), the owners of Flexiant, as consideration.
There were a number of conditions,however, which included consent of the holders of FCL loan notes and the sale by Flexiant of its Cloud Orchestrator business.