Rosslyn Data Technologies PLC (AIM:RDT) told investors it has sold the trade and software assets of the Langdon Systems business for £100,000 in cash.
The proceeds are earmarked for working capital purposes and the divestment enables Rosslyn to focus resources on the growth of its core product, Rosslyn said in a statement.
"We are pleased to be generating value from the sale of a part of our business that is non-core to our future,” said chief executive Paul Watts.
“This divestment provides working capital and will enable us to accelerate the execution of our strategy that is based on best-of-breed procurement analytics technology and a partner-led business model.
“We have made great progress since restructuring our company and launching the new Rosslyn platform, and we believe this disposal will strengthen our position further."
Rosslyn acquired Langdon in 2019 for £48,750. The business specialises in bulk handling of supply chain data associated with import and export duty management systems and it was deemed that it has limited crossover with the company's core business, in terms of customer base or strategic rationale.
The decision to sell Langdon follows the launch in April of a major restructure of the business, resulting in a refocussing on a single core product, the Rosslyn spend analytics platform, and a software as a service (SaaS) business model.
For the year ended 30 April 2022, the Langdon business made a loss before tax of £129,979 and, with the sale, it transfers 12 employees.