Sale of Software to Customer

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 Grainne McKeown, CFO [e-mail]	+ 353 86 2677800
Shore Capital
Nominated Advisor and Broker Patrick Castle / John More / Tom Knibbs (Corporate Advisory) Andrew Beswick (Corporate Broking)	+ 44 207 408 4090
Yellow Jersey PR
Charles Goodwin Lilian Filips Annabelle Wills	[phone]

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  .

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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