Last checked at 22 Oct 2015 07:00
Elecosoft plc
("Elecosoft" or the "Company")
Divestment of Consultec Arkitekter & Konstruktörer AB ("CA&K")
The Board of Elecosoft announces the divestment of the architectural services component of its Swedish business, Consultec Arkitekter & Konstruktörer AB, to Tyrens AB ("Tyrens"), the international architectural consultants, for proceeds of £872,000 (11.1m Swedish Krona) (the "Disposal") receivable on completion of the Disposal. The Disposal of CA&K strengthens the Company's focus on construction software operations whilst providing additional working capital to pursue further growth opportunities. The Disposal is not deemed a substantial transaction pursuant to the AIM Rules.
Following the transaction Elecosoft's international operations will consist principally of software development, and software sales operations together with training and software consultancy support in its core overseas markets including Sweden, Germany, the USA and Benelux.
Elecosoft Sweden has previously collaborated with Tyrens on a number of successful software development projects and the two companies are actively exploring other opportunities to work together.
As a result of the divestment, Elecosoft will have achieved another milestone in its transformation into a specialist international software developer and provider of market leading construction software worldwide.
John Ketteley, Executive Chairman of Elecosoft, said:
"The divestment of our Swedish architectural services business to Tyrens, and our continuing collaboration with Tyrens on software projects, are consistent with our aim of establishing Elecosoft as a leading international specialist in the development and supply of construction software. We look forward to further progress as we are able to focus on our profitable core business."
For further information please contact:
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Elecosoft plc JHB Ketteley , Executive Chairman | www.elecosoft.com Tel: 020 7422 0044 |
Nick Caw, Chief Executive Officer
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finnCap Ltd |
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Geoff Nash / Kate Bannatyne (Corporate Finance) Malar Velaigam (Corporate Broking) | Tel: 020 7220 0500 |
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Redleaf Communications |
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Rebecca Sanders-Hewett / David Ison / Susie Hudson | Tel: 020 7382 4730 elecosoft@redleafpr.com
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About Elecosoft plc
Elecosoft plc is listed on the Alternative Investment Market in London (AIM: ELCO) and specialises in the development and delivery of market leading software and services to Architectural, Engineering and Construction industries from centres of excellence in the UK, Sweden and Germany. Its software solutions cover project management, construction, timber engineering, design, 3D visualisation and web marketing solutions for the construction sector.
For more information, please visit www.elecosoft.com
About Tyrens
Tyrens is one of Europe's leading engineering consultancies, and specialises in planning and infrastructure solutions that promote sustainable development in Sweden and international markets, including the United Kingdom, Denmark, Estonia and the USA.
For more information, please visit www.tyrens.se/en