Shares in Primorus Investments gained 28% on Thursday morning as the firm announced the US$6.1 million (£4.8 million) sale of its payment management business.
Payapps, the construction payment management firm, has now been sold to Autodesk Inc (NASDAQ:ADSK), Primorus said on Thursday, with the board considering ways to return proceeds to shareholders after a “substantial increase” in the company’s cash position.
The deal did not include Payapps former facilities management business meanwhile, which was spun out and is to be sold separately.
“I am delighted that one of our core investments has matured providing the company with significant cash proceeds,” chairman Rupert Labrum commented.
Shares climbed 28% to 5.30p.