(Alliance News) - IP commercialisation company Allied Minds PLC on Monday said it has disposed of portfolio company Spark Insights Inc to Concirrus, an insurance technology company.
The disposal is valued at USD700,000 and will be paid in Concirrus stock.
To date, Boston, Massachusetts-based Allied Minds said it has invested USD3.7 million in Spark Insights. As at October 6, Allied Minds' issued and outstanding ownership of Spark Insights was 70%.
Spark Insights is an analytics company developing predictive analytics for the insurance industry. However, due to challenges posed by Covid-19, it has faced delays in fundraising for the continuing operation of the business. Therefore, Allied Minds said a sale offers the best return for the company and its shareholders.
Allied Minds shares were trading 3.6% lower in London on Monday morning at 22.28 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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