Invigor completes sale of Condat business for $3.8M
Data and analytics solutions company Invigor Group Limited (ASX:IVO) today confirmed that it has completed the sale of Berlin-based software solutions business Condat AG media division, for €2.4 million (~A$3.8 million).
The proceeds of the sale will be used to repay ~A$3.6 million in debt, which significantly strengthens IVO’s balance sheet.
In February the company announced the sale would be going ahead when it signed a binding sale agreement with buyer German IT Group, HFC Group, with settlement scheduled for 30 April.
In that announcement it stated that it would retain full ownership of Condat’s workforce management division, comprising Skyware Service Control, which has been excluded from the sale.
IVO has established a new Australian company called TillerStack to acquire and house Skyware, and stated that this company will be totally debt-free.
As announced earlier in February, IVO received commitments for $500,000 for a five per cent stake in TillerStack with an option for a further five per cent on the same valuation.
As further proof it is working hard to get its balance sheet in good shape, the company confirmed in March that its mobile workforce management solutions division had secured new contracts and signed work orders for Tillerstack (then still named Skyware) of €485,000 (~A$775,000) over the preceding three months.
With an improved balance sheet, IVO hopes to focus on growing its Data Intelligence and Analytics and Workforce Management Solutions, both of which sit in rapid-growth markets.
It should be noted, however, that this is an early stage tech company and success is no guarantee. Investors should seek professional financial advice before making an investment.
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