LONDON, UK: The Board of Eleco Plc (AIM: ELCO), the AIM-listed construction and building software specialist, announced the sale of its wholly owned subsidiary Eleco Software GmbH, the German Arcon architectural CAD business (Arcon), to FirstInVision GesmbH, an Austrian architectural software business, for a total consideration of €600,000.
The transaction supports the Group’s strategy to focus on its core customer segments and businesses.
The €600,000 consideration is to be satisfied in cash, with €550,000 immediately payable on completion, and €25,000 in two deferred instalments (without performance conditions attached) over the next two years.
Jonathan Hunter, Eleco’s CEO, commented: “This transaction reinforces our strategy to focus on our core businesses as we successfully transition these businesses on the SaaS journey; it brings greater certainty for the Arcon business, staff and customers going forward; and, also frees up valuable management time for application to other parts of the business and acquisitions.”
Eleco plc is a London Stock Exchange AIM-listed (AIM: ELCO) specialist international provider of software and related services to the Architectural, Engineering, Construction and Owner/Operator (AECO) industries and interior furnishing industries from centres of excellence in the UK, Sweden, Germany, Netherlands and the US.
The Company’s market-leading Elecosoft software solutions are developed by teams in the United Kingdom, Sweden and Germany, and its solutions cover project management, estimating, timber engineering, CAD and visualisation, asset and facility management and cloud-based digital marketing solutions.