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.
When the experts at Next Investors have a stock pick, it may pay to listen.
The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.
They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.
Click the link below to see what they are currently investing in.
S3 Consortium Pty Ltd (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 only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.