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(Alliance News) - Rosslyn Data Technologies PLC shares dropped on Monday following the sale of its Langdon Systems business for GBP100,000.
Shares in the Portsmouth, England-based data management and analytics service provider were down 13% to 1.70 pence each in London on Monday around midday.
Langdon specialises in bulk handling of supply chain data associated with import and export duty management systems. It was acquired by Rosslyn in September 2019 for GBP48,750.
Rosslyn said that it has sold the IP, software, assets, client list and contracts associated with Langdon to Langdon Customs & Excise Solutions Ltd, a provider of duty management systems. The sale also includes the transfer of 12 employees.
The company explained that the Langdon business has "limited crossover" with its core business, in terms of customer base or strategic rationale.
Rosslyn has also embarked on a "major" restructure in the last year, refocusing on a single core product, its spend analytics platform, and a software as a service, or SAAS, business model.
In the year to April 30, the Langdon business made a pretax loss of GBP129,979.
Rosslyn said that the proceeds will be used for working capital purposes and will allow the company to focus resources on its core Rosslyn product.
Chief Executive Paul Watts said: "We are pleased to be generating value from the sale of a part of our business that is non-core to our future. This divestment provides working capital and will enable us to accelerate the execution of our strategy that is based on best-of-breed procurement analytics technology and a partner-led business model."
By Sophie Rose; sophierose@alliancenews.com
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