Mon, 15 Mar 2021 | BUSINESS SALE
Idox has completed the £9 million disposal of its £5.3 million turnover compliance division to Essex-based Sponge Group. The business, part of Idox’s content division, is based in Germany and Belgium and also has UK operations. It provides corporate compliance solutions, such as e-learning content, to clients across Europe.
The deal is expected to generate a £5.4 million profit on sale in Idox’s accounts for the current year, the proceeds of which will contribute to reducing the group’s net debt and financing continued investment in its growth strategy.
Idox Chief Executive David Meaden said: " Our strategy, as stated in our recent FY20 results, is to build value as a public-sector focused software organisation.”
“Whilst we are pleased with the progress of our Compliance business in the last two years, within our Four Pillars Framework, this transaction provides us with an opportunity to simplify operations within the group and focus on our key markets, whilst at the same time providing the Compliance business with a more relevant owner in order to realise its own ambitions."
Idox Compliance MD Michael Kayser added: "We are looking forward to joining an emerging leader in the eLearning space and being a key part of their strategy for growth. We are excited at the prospect of being able to offer a broader range of digital learning solutions to our existing customers."
Sponge Group is backed by private equity fund Aliter Capital, which created the group through the unification of three separate digital learning firms: Sponge; Bolt Learning; and Skill Pill.
Sponge Chairman and Aliter Managing Partner Billy Allan commented: We are delighted to complete the acquisition of Idox Compliance, which we see as highly complementary to our business. It will greatly strengthen our existing content library as well as grow our footprint internationally. I look forward to working with Michael and his team.”
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