(Alliance News) - Mitie Group PLC on Monday said it agreed to sell its document management business for GBP40 million.
Swiss Post Solutions Ltd bought Mitie Document Management on a debt-free, cash-free basis. The deal is expected to be completed by the end of September, conditional on a consultation process with Mitie Document Management employees.
Mitie is a Glasgow-based outsourcing and energy services company, while its document management arm handles documents through their lifecycle and helps businesses organise and reach their files.
Upon completion of the deal, Mitie will continue offering document management under a supplier partnership with Zurich-based Swiss Post Solutions.
"By joining forces with Swiss Post Solutions, the document management business will continue to grow and flourish, allowing Mitie to focus on our technology-led, science-of-service strategy in our core divisions," said Chief Executive Phil Bentley.
"I would like to thank the document management team for their contribution to the group, and we look forward to working with SPS to bring new innovation to our existing and future integrated facilities management clients."
Shares in Mitie were up 0.8% at 71.80 pence in London on Monday in morning trade.
By Josie O'Brien; josieobrien@alliancenews.com
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Mitie (MTO)