To Sell Services Business to Asmex Digital
Sydney, Feb 2, 2016 AEST (ABN Newswire) - Leading big data solutions company Invigor Group Limited (
ASX:IVO) ("Invigor") has signed an agreement for the sale of its services business to Asmex Digital, a Sydney-based group specialising in providing technology services to small and medium businesses in Australia. Asmex Digital is headed by Olivier Adolphe an executive who has worked at eBay, PayPal and the ASX.
- Consideration of $180,000 with potential upside
- Enables resources to focus on current Big Data product offering
The services business was part of the client base of Global Group Australia acquired in 2014 but which is now non-core to Invigor's activities. The consideration for the sale is estimated at $180,000, based on the expected revenue for the next twelve months. There is potential upside for a further consideration, capped at $500,000, based on the value of the business unit's performance over the forthcoming twelve months.
Invigor's Chairman and CEO, Mr Gary Cohen said: "The sale of the services business will free up significant resources within Invigor and enable us to focus fully on our key Insights Retail and Visitor products. The customers who will receive services from Asmex Digital will benefit from a better strategic fit with Asmex Digital's areas of focus for the services being transferred."
Asmex Digital's CEO, Mr Olivier Adolphe said: "We look forward to continue leading as Australia's best SMB Technology provider. I'm happy that more clients can continue to grow their business with ASMEX's specialised services. This transaction give us the ability to work alongside one of Australia's leading groups in big data solutions allowing further synergies in the future".
About Invigor Group Ltd
Invigor Group (ASX:IVO) uses its complementary suite of big data products to source, aggregate, analyse and publish content for the benefit of businesses and consumers.
Today its interconnected data sets enable enterprise clients including retailers, brands, shopping centres and government bodies to identify and better understand competitors, consumers, markets and demographics while providing the consumer with the best value-for-money.
Using its current products and a pipeline of additional offerings Invigor will have the ability to provide an end-to-end solution spanning sales, product management, business intelligence, marketing, advertising, content creation and distribution, while monetising each step of the process.
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