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Rosslyn Data Technologies sells non-core business for £100,000

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 Langdon Systems (“Langdon”) business for a consideration of £100,000, which has been satisfied in cash. 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 Langdon business, which was acquired by the Company in September 2019 for a consideration of £48,750, specialises in bulk handling of supply chain data associated with import and export duty management systems. It has limited crossover with the Company’s core business in terms of customer base or strategic rationale. 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 Langdon, to focus resources on core strategy execution and use the proceeds to accelerate this strategy execution.

 

The Company has sold the IP, software, assets, client list and contracts associated with Langdon to Langdon Customs and Excise Solutions Ltd, a provider of duty management systems. The sale also includes the transfer of 12 employees. For the year ended 30 April 2022, the Langdon business made a loss before tax of £129,979.

 

Paul Watts, CEO of Rosslyn, said:

 

“We are pleased to be generating value from the sale of a part of our business that is non-core to our future. This divestment provides working capital and will enable us to accelerate the execution of our strategy that is based on best-of-breed procurement analytics technology and a partner-led business model. We have made great progress since restructuring our company and launching the new Rosslyn platform, and we believe this disposal will strengthen our position further.”