Rhipe sells major stake in LiveTiles for $4.4 million

Rhipe sells major stake in LiveTiles for $4.4 million

Will make $2.4 million profit from the sale

ASX-listed Rhipe (ASX:RHP) has sold a majority of its shareholding in software company, LiveTiles (ASX:LVT) for $4.4 million, making $2.4 million in profit from the sale.

It will retain its equity stake in LiveTiles of 4,085,380 shares.

Rhipe gained it shareholding in LiveTiles when it acquired nSynergy in December 2014 at cost of $2.5 million. LiveTiles and nSynergy were both founded by Karl Redenbach and his business partner, Peter Nguyen-Brown.

Rhipe will maintain its exclusive distribution relationship with LiveTiles for the Cloud channel in the Asia Pacific region.

Funds from the LiveTiles sale will go into strengthening Rhipe’s balance sheet, which the distributor revealed in the past 18 months it has been investing heavily in its people and processes to support growth in new products such as Microsoft CSP T2 and IBM Softlayer.

On top of this, it has also expanded into new regions within the South East Asian market.

Rhipe CEO, Dominic O'Hanlon, previously said it had invested $2.6 million into new markets and programs during the first half of FY16.

The distributor was appointed to the Microsoft CSP Program across Singapore, Malaysia, Thailand, Philippines and Indonesia in July 2015, following its Australian appointment in April.

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Tags LiveTilesRhipeKarl RedenbachPeter Nguyen-Brown

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