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(Alliance News) - IQGeo Group PLC on Thursday said it has agreed to sell its remaining 5.6% stake in its former RTLS SmartSpace business to its majority owners, a company owned and controlled by funds managed by Investcorp Technology Partners.
Investcorp Technology Partners is an affiliate of Investcorp Bank Bsc.
In 2018, the software company sold a 94.4% stake in RTLS SmartSpace to Investcorp for GBP30 million.
On Thursday, IQGeo said it will sell the remaining 5.6% stake for GBP2.5 million, noting the disposal is expected to complete in January.
"We are delighted that Investcorp have decided to consolidate their holding in the RTLS SmartSpace business. The GBP2.5 million of cash proceeds will help support our strategy as we continue to build a successful recurring revenue geospatial software business focused on telco and utility network operators," said IQGeo Chief Executive Richard Petti.
Shares in IQGeo were trading 4.8% higher at 87.00 pence each on Thursday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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