IQGeo Group Plc (LON:IQG) has agreed to sell its remaining 5.6% stake in its former RTLS SmartSpace business for a total consideration of £2.5mln.
The transaction is with the majority owners of the business, which are tied to Investcorp Technology Partners.
It also includes provisions that would give IQGeo a partial share of any potential upside consideration if the RTLS SmartSpace business is sold on within six months of the disposal at a greater valuation.
"We are delighted that Investcorp have decided to consolidate their holding in the RTLS SmartSpace business,” said Richard Petti, IQGeo chief executive.
“The £2.5 million of cash proceeds will help support our strategy as we continue to build a successful recurring revenue geospatial software business focused on telco and utility network operators."
Previously, in December 2018, the company received £30mln for a 94.4% stake of the RTLS SmartSpace business.