News and Announcements
Invigor Group (ASX: IVO) Sells Software Solution Provider, Condat AG Media, for $3.8 million
- Published May 11, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- On May 8, 2018, Invigor Group released an update notifying shareholders that it successfully completed the sale of Condat, a software solution provider based in Berlin.
- When the announcement regarding the sale had been made by the company in February, it had also mentioned that settlement had been scheduled for 30 th April and that Skyware had been excluded from the deal.
- Invigor will use most of the payment received from this deal to pay off its debt and strengthen its financial position so as to be able to focus on core issues.
Invigor Group (ASX: IVO) released an update announcing that it had successfully completed the sale of Condat AG Media, a software solution provider that had been based in Berlin. In lieu of this unit, Invigor received a sum of Euro 2.4 million, which translates to $3.8 million in Australian currency, and the company will be using most of this amount to pay off its debt of $3.6 million.
It was in February that Invigor had made an announcement pertaining to this sale wherein it
claimed to have signed an agreement with HFC Group, a German IT firm, and settlement had been scheduled for 30 th April by mutual consent of both parties. At that time, the spokesperson of the company had categorically mentioned that Invigor would retain
responsibility of Condat’s workforce, particularly Skyware Service Control that had not been
a part of the sale.
Skyware Service Control was eventually absorbed by TillerStack, an entity set up by Invigor itself, and has since been totally free of debt. The company also received a commitment of $500,000 in lieu of providing 5% stake in TillerStack with an option of another 5% if it was willing to accept the same valuation.
All of this has served to emphasize the robust financial health of the company and this has prompted the management to focus on its core areas, namely data analytics and solutions pertaining to workforce management. Hopefully Invigor will be able to capitalize on this position of strength and going ahead, it will soon outgrow the mold of being just a tech start-up.
About Invigor Group (ASX: IVO)
Invigor is a B2B insights and loyalty company for retailers, brands and venue operators that delivers a more strategic, profitable approach to today’s commerce.
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