Disposal

12 Feb 2007 07:01

K3 Business Technology Group PLC12 February 2007 KBT.L K3 BUSINESS TECHNOLOGY GROUP PLC ('K3' or 'the Company') Disposal K3, the IT solutions provider, is pleased to announce that it has agreed the sale of its Elucid Business Unit to Sanderson Group plc, the software and IT services business, for £1.362m to be satisfied in cash. £1.112m will be paid on completion and £250,000 will be deferred until the end of April 2007. The Elucid Business Unit has become a non-core activity as the Group has progressively focused its retail software offering on mid-tier retailers. The proceeds will be used to strengthen the balance sheet. Andy Makeham, Chief Executive of K3 commented, "K3's focus today is Microsoft based mid-range retail and manufacturingsolutions, and whilst Elucid has grown significantly in the last two years, itis no longer core to the future of our business. Elucid will be an excellentaddition to the Sanderson product portfolio for the multi-channel marketplace." For further information: K3 Business Technology Group plc T: 01282 864 111Andy Makeham, Chief Executive T: 01282 864 111David Bolton, Chief Finance Officer Biddicks T: 020 7448 1000Katie Tzouliadis This information is provided by RNS The company news service from the London Stock Exchange