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LONDON (Alliance News) - Tracsis PLC on Tuesday said it has sold its Tracsis Traffic Data Pty Ltd data capture operation in Australia to Martin Prowse, the managing director of that business for AUD1.1 million.
The software and technology provider to the traffic and transportation industry said the disposal is in line with its strategy to focus on its core markets and operate in high value, niche markets.
It said it is continuing to drive its growth strategy in the UK and overseas but no longer believes TTD's data capture operation in Australia is required to achieve that goal.
Tracsis will receive an initial payment of AUD285,000 for the sale and a deferred consideration of AUD799,000 payable over three years. As part of the disposal agreement, Tracsis has security arrangements over the shares and assets of TTD and connected parties, which will remain in place until the consideration is paid in full.
"The directors believe the disposal will not have a material impact to group profitability in the current financial year and will lead to an overall improvement of net margin," Tracsis said in a statement.
Shares in Tracsis were trading down 0.3% at 508.25 pence on Tuesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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