Rosslyn Data Technologies PLC Sale of Integritie (9146E)
01 November 2022 - 10:02PM
UK Regulatory
TIDMRDT
RNS Number : 9146E
Rosslyn Data Technologies PLC
01 November 2022
1 November 2022
Rosslyn Data Technologies plc
("Rosslyn" or the "Company")
Sale of Integritie
Divestment of non-core content management and analytics business
to focus resources on accelerating growth
Rosslyn (AIM: RDT), the provider of a leading cloud-based
enterprise data analytics platform, is pleased to announce that it
has sold the trade and software assets related to the Company's
Integritie business for a total maximum consideration of GBP3.0m ,
comprising an initial cash consideration of GBP1.6m and a GBP1.4m
conditional deferred payment based on achieving certain revenue and
growth targets. The proceeds will be used by the Company for
working capital purposes and the divestment will enable Rosslyn to
focus resources on the core Rosslyn product and capitalise on the
growth opportunities available to the core business.
The Integritie business, which has limited crossover with the
Company's core activities in terms of customer base or strategic
rationale provide content and process management solutions and
services that drive decision-making and ensure regulatory
compliance, specialising in capturing and organising unstructured
data. As previously noted, during the year to 30 April 2022, the
Company embarked on a major restructure of the business, resulting
in a refocussing on a single core product (the Rosslyn spend
analytics platform) and a SaaS business model. Accordingly, the
Board of Rosslyn believes that it is in the best interests of
shareholders and of the Company, as a whole, to divest all non-core
elements, including Integritie, to focus resources on core strategy
execution and use the proceeds to accelerate this strategy
execution. This disposal follows the sale of the Company's Langdon
Systems business last month.
The Company has sold the trade and assets associated with
Integritie (UK) Limited to EnChoice, UK Limited, a company that
enables content and process-based automation in the cloud, hybrid,
or on-prem with comprehensive and ongoing support.
For the year ended 30 April 2022, the Integritie business
generated a profit before tax of GBP897,687. The gross assets of
Integritie were GBP224,199 at 30 April 2022.
Paul Watts, CEO of Rosslyn, said:
"We are pleased to have completed our divestment plans with the
sale of Langdon Systems last month and now Integritie. This will
enable us to focus our resources on our core product - the upgraded
Rosslyn spend analytics platform - as well as reduce our cash burn.
Along with our new go-to-market approach and strong pipeline, we
believe that Rosslyn is well positioned to capture the growing
market opportunities and we look forward to reporting on our
progress."
This announcement contains inside information
Enquiries
Rosslyn
Paul Watts, Chief Executive Officer
James Appleby, Chairman +44 (0)20 3285 8008
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Cenkos Securities (Nominated adviser
and Broker)
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Stephen Keys/Camilla Hume +44 (0)20 7397 8900
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Gracechurch Group (Financial PR)
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Harry Chathli/Claire Norbury +44 (0)20 4582 3500
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About Rosslyn Data Technologies plc
Rosslyn (AIM: RDT) provides an award-winning spend analytics and
predictive analytics platform. The Rosslyn Platform helps
organisations with diverse supply chains mitigate risk and make
informed strategic decisions. It leverages automated workflows,
artificial intelligence and machine learning to extract and
consolidate procurement data providing visibility of complex
supplier data, enabling supplier spend savings and delivering rapid
ROI. For more information visit www.rosslyn.ai
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