IQGeo Group Plc (LON:IQG) has agreed to sell its remaining 5.6% stake in its former RTLS SmartSpace business for a total consideration of GBP2.5mln.
The transaction is with the majority owners of the business, which are tied to Investcorp Technology Partners.
It also includes provisions that would give IQGeo a partial share of any potential upside consideration if the RTLS SmartSpace business is sold on within six months of the disposal at a greater valuation.
“We are delighted that Investcorp have decided to consolidate their holding in the RTLS SmartSpace business,” said Richard Petti, IQGeo chief executive.
“The GBP2.5 million of cash proceeds will help support our strategy as we continue to build a successful recurring revenue geospatial software business focused on telco and utility network operators.”
Previously, in December 2018, the company received GBP30mln for a 94.4% stake of the RTLS SmartSpace business.
