REG - Rosslyn Data Tech. - Sale of Integritie

Rosslyn Data TechnologiesAnnouncement

01/11/2022 11:15

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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 £3.0m, comprising an initial cash consideration of
£1.6m and a £1.4m 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 £897,687. The gross assets of Integritie were £224,199 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                                                     +44 (0)20 3285 8008

 James Appleby, Chairman

 Cenkos Securities (Nominated adviser and Broker)
 Stephen Keys/Camilla Hume                                                               +44 (0)20 7397 8900

 Gracechurch Group (Financial PR)
 Harry Chathli/Claire Norbury                                                            +44 (0)20 4582 3500

 

 

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 (http://www.rosslyn.ai)

 

 

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