Rosslyn Data Technologies PLC Sale of Integritie (9146E)

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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November 01, 2022 07:02 ET (11:02 GMT)

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