Invigor completes sale of Condat business for $3.8M
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
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.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
