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Oxford Metrics offloads Yotta Surveying in £1.3m deal
Software company Oxford Metrics announced the sale of Yotta Surveying to construction and civil engineering company Ginger Group on Thursday.
The AIM-traded firm said the sale completed the disposal process it first announced in June last year, and was in line with its strategy.
It said Yotta Surveying provides highways surveying services to government agencies, local government and major infrastructure contractors.
The sale was to Ginger Group for a cash consideration of £1.0m, with the business to trade as Ginger Lehmann in the UK with immediate effect.
Oxford Metrics said the business would continue to operate from its existing premises and all current Yotta Surveying staff would remain with the business.
The net assets of Yotta Surveying at the date of disposal totalled £0.4m, which included £0.3m in cash and an inter-company liability with Oxford Metrics of £0.6m that would be settled by Ginger Group as part of the transaction.
Oxford said the disposal therefore would yield a net cash inflow to the group of £1.3m, with a loss on disposal of £0.2m before costs to be recognised.
Following the disposal, Oxford Metrics would continue to retain ownership of the software and services business Yotta, and its Alloy, Horizons, Mayrise and March software products.
"I am pleased to have completed this process, with an outcome that works well for everyone," said Oxford Metrics CEO Nick Bolton.
"We know that in Ginger Group, the surveying business has a strong, committed new owner and that our surveying team joins a bigger organisation capable of nurturing and growing these assets.
"For Oxford Metrics shareholders, we take one further step along our five-year plan and move forward as an increasingly dependable, recurring revenue based business."