LONDON (ShareCast) - (ShareCast News) - Mobile location and data intelligence expert Proxama has announced today the sale of its Digital Payments Division to LHH2 APS, a private Danish company, in a move aimed at further strengthening the company's balance sheet.
The transaction was carried out for an initial cash consideration of £1m plus potential deferred consideration of up to £1m over the next 18 months.

The division generated a loss of £0.8m in the year to 31 December 2016 with net liabilities of £2.4m as at 30 June 2017.

Proxama also said it would use the cash received from the sale of the division to further bulk up its balance sheet, following the successful placing and open offer in July which generated gross proceeds of £3.1m allowing it to completely deleverage.

Kelvin Harrison, chairman, said, "The completion of this transaction concludes the transition to become a location data business. We are now debt free, have working capital resources, a new executive team, a proposed new name, access to mobile location data via our 4m audience and the know-how to turn that data in to revenue generating products. As a team, we are entirely focused on scaling this business."

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE