Software company Rosslyn Data Technologies PLC (AIM:RDT) today announced the sale of subsidiary company Integritie to EnChoice for a maximum consideration of £3mln.
The proceeds will be used by the company for working capital purposes, while the divestment will reduce cash burn and enable Rosslyn to focus on its core analytics platform.
Following a major restructuring earlier this year, the board of Rosslyn endeavoured to divest all non-core elements, including Integritie, to focus resources on core strategy execution and use the proceeds to accelerate this strategy execution.
Chief executive officer Paul Watts said: “We are pleased to have completed our divestment plans with the sale of Langdon Systems last month and now Integritie.
“Along with our new go-to-market approach and strong pipeline, we believe that Rosslyn is well positioned to capture the growing market opportunities and we look forward to reporting on our progress."