Glantus Holdings PLC Sale of Software to Customer (5315C)
October 11 2022 - 10:02AM
UK Regulatory
TIDMGLAN
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 GBP1.8m to be satisfied in cash, of
which GBP1.4m is expected to be paid by 1 December 2022 and GBP0.2m
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
ir@glantus.com + 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 +44 7747 788 221
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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END
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