19 Mar 2021 07:00
LEI: 213800FLQUB9J289RU66
19 March 2021
BATM Advanced Communications Limited
("BATM" or "the Group")
Completion of Sale of NGSoft
Further to the Group's announcement of 1 March 2021, BATM (LSE: BVC; TASE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, announces the completion of the sale of NG Soft Ltd. ("NGSoft") to Aztek Technologies (1984) Ltd. following the receipt of approval from the Israel Competition Authority and the transaction becoming unconditional in all respects. BATM has received a total of NIS 93.7m (c. $29m) pursuant to the sale agreement as detailed in the previous announcement.
The Group intends to invest the proceeds of the sale to strengthen its innovation and commercialisation engine, both organically and through acquisition, to enable the Group to accelerate its core activities - in particular, in network function virtualisation ("NFV") and molecular diagnostics. The Board of BATM believes these areas offer transformational growth opportunities in the short to medium-term. In addition, the disposal of NGSoft, combined with the increased contribution to Group revenue from molecular diagnostics and NFV, will support the anticipated improvement in gross margin for 2021.
Enquiries:
BATM Advanced Communications | |
Dr Zvi Marom, Chief Executive Officer | +972 9866 2525 |
Moti Nagar, Chief Financial Officer | |
Shore Capital | |
Mark Percy, Anita Ghanekar, James Thomas (Corporate Advisory) Henry Willcocks (Corporate Broking) | +44 20 7408 4050 |
Luther Pendragon | |
Harry Chathli, Claire Norbury | +44 20 7618 9100 |
Batm Advanced (BVC)