Bond International Software plc, the specialist provider of software for the international recruitment and human resources industries, with operations in the UK, USA, Hong Kong, Japan and Australia, is pleased to announce that it has sold the entire issued share capital of its wholly owned subsidiary, Abacus Software Limited ("Abacus") in a management buyout to Urdgrup Limited for a consideration of £1.75 million.
Abacus is a web-focused software development business, offering consultancy, design, technical implementation, content management and hosting services to a range of large media and public sector clients.
Abacus has been sold for an initial sum of £700,000 payable on completion with a further £250,000 payable on the fisrst anniversary of completion, £400,000 payable on the second anniversary and £400,000 payable on the third anniversary.
In the year to 31 December 2010, Abacus had revenues of £4,058,000 and made an operating profit of £261,000. At 31 December 2010 the fair value of Abacus' net assets in the group balance sheet including acquired intangibles was £1,700,000. The sale proceeds will be used, in the first instance, to reduce the Group's net debt.
Commenting on the disposal Chief Executive Steve Russell, said:
"We are pleased to have disposed of Abacus as it forms part of Bond's plans to focus on its core activities in the recruitment and HR industries. We wish the buyout team and their investors all the best as they pursue the development of a new product, "Audience Development"; a web-based solution to assist large publishers to better manage and monetise their audience data and content."
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