Big Data solutions company, Invigor Group (ASX:IVO), has inked an agreement to sell its services business to Sydney-based technology services company, Asmex Digital.
The company said, on the ASX, that the services business was part of the client base of Global Group Australia – which the company acquired in 2014 – but is non-core to Invigor’s activities.
It also claimed the consideration for the sale is estimated at $180,000, based on the expected revenue for the next 12 months. Invigor chairman and CEO, Gary Cohen, said there is the possibility for a further consideration, capped at $500,000 based on the value of the business unit’s performance over the next 12 months.
“The sale of the services business will free up significant resources within Invigor and enable us to focus fully on our key Insights Retail and Visitor products. The customers who wiol receive services from Asmex Digital will benefit from a better strategic fit with Asmex Digital’s areas of focus for the services being transferred,” he said.
According to Asmex Digital CEO, Olivier Adolphe, the company looks forward to continuing as one of Australia’s top SMB technology providers.
“I’m happy that more clients can continue to grow their business with Asmex’s specialized services. This transaction gives us the ability to work alongside one of Australia’s leading groups in Big Data solutions, allowing further synergies in future,” he added.