LONDON (Alliance News) - 365 Agile Group PLC on Monday said it has signed a licence agreement with Castleton Technology PLC and said its chief executive has left the business.
The software company said it has signed a deal with Castleton under which Castleton has been granted an exclusive licence to 365 Agile's social housing sector software platform.
The agreement will guarantee a USD600,000 payment to 365 Agile for each of the financial years to the end of March 2017, 2018 and 2019, with a further GBP300,000 payment potentially to be added in 2019 dependent on total sales made by Castleton in the first three years of the agreement.
365 Agile also announced Jonathan Holyhead has resigned as CEO with immediate effect and by mutual consent.
Jill Collighan, the chief financial officer of 365 Agile, will take on the CEO duties on an interim basis, while the company searches for a permanent replacement for Holyhead.
365 Agile also said it has appointed Tony Weaver, a founder of merchant bank MXC Capital Ltd, to its board as a non-executive director. MXC invests in the telecoms, media and technology space and Weaver's appointment is designed to boost 365 Agile's growth in the Internet of Things sector.
365 Agile shares were up 1.5% to 67.00 pence on Monday morning, while Castleton shares were down 0.4% to 83.16p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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