Proxama PLC (LON:PROXP) has today announced the sale of its Digital Payments division for up to £2m, less working capital and fees. The proceeds will be used to provide working capital to the mobile location data intelligence division, which becomes the exclusive focus of the group. In light of this, management is proposing to rename the group Location Sciences, subject to shareholder approval. Mark Slade, currently MD of this division, has replaced John Kennedy as CEO.
Sale of the Digital Payments division
Proxama has announced the sale of its Digital Payment division to LHH2 APS, the holding company for global payments software company, Cryptomathic, for up to £2m less working capital of approximately £300k and fees. This comprises £1m cash on completion and a further £1m over the course of the next 18 months subject to the completion of certain conditions relating to the fulfilment of existing contracts. While the strategic review of this division, which was completed in May this year, did not result in a sale at the time, given the group’s strategy to focus growth investment on the location data division, its ultimate divestment is a logical outcome.
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