REG - Glantus Holdings PLC - Sale of Software to Customer

Glantus HoldingsAnnouncement

11/10/2022 15:15

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RNS Number : 5315C  Glantus Holdings PLC  11 October 2022

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 WHICH IS PART OF UK LAW BY VIRTUE OF
THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

 

Glantus Holdings plc

 

(''Glantus'' or the ''Company'')

 

Sale of Software to Customer

 

Glantus (AIM: GLAN), the provider of Accounts Payable automation and analytics
solutions, is pleased to announce that it has entered into a conditional
agreement for the sale of software to an international provider of accounting
software (the "Customer").

 

The total consideration is £1.8m to be satisfied in cash, of which £1.4m is
expected to be paid by 1 December 2022 and £0.2m per annum will be payable on
the anniversary of the agreement for two years as deferred consideration. The
agreement is conditional on a schedule of engineering works to be completed by
30 November 2022.  In addition, the agreement contains a handover schedule
under which the Company shall provide some light touch support to the buyer
for three months post completion if required.

 

The bespoke software, developed by Glantus, is proprietary to the Customer and
does not form part of the Glantus core technology stack. The Customer is
acquiring the software following positive test outcomes.

 

The Company expects to use the net proceeds from the sale for working capital
and to help fund its growth initiatives. The software being sold does not have
any profits directly attributable to its use and given the nature of the sale,
the Company expects the proceeds to be recognised as revenue.

 

Enquiries:

 

 

 Glantus Holdings
 Maurice Healy, CEO                                             + 353 862677800

 Grainne McKeown, CFO

 ir@glantus.com (mailto:ir@glantus.com)

 Shore Capital
 Nominated Advisor and Broker                                   + 44 207 408 4090

 Patrick Castle / John More / Tom Knibbs (Corporate Advisory)

 Andrew Beswick (Corporate Broking)

 Yellow Jersey PR
 Charles Goodwin                                                +44 7747 788 221

 Lilian Filips

 Annabelle Wills

About Glantus Holdings plc

Glantus Holdings (AIM: GLAN) Glantus is a global provider of accounts payable
automation and analytics solutions. Glantus' mission is to harness technology
to drive innovation, unlocking efficiencies in AP to maximise working capital
for global enterprise organisations. The award-winning Glantus DataShark
Platform connects all AP systems and suppliers on one agile platform,
eliminating cost and delivering new revenue streams. We work in tandem with
our partners to deliver joint enterprise digital transformation solutions. For
more information see glantus.com (https://www.glantus.com/)  .

Founded in 2014 and headquartered in Dublin, Glantus has offices in the United
States, United Kingdom, and Poland, employing over 120 people.

 

 

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