Velpic Ltd (ASX:VPC) has agreed to sell the customer book of its learning management system (LMS) business to an existing partner, GO1 Pty Ltd.
The consideration for the sale will be three times revenue over a three year period payable quarterly, which is estimated to total around $2.4 million.
Notably, this business is separate from the company’s Dash Digital business and investment in NowForce.
READ: Velpic has strongest quarter of revenue growth yet
Velpic’s chairperson Leanne Graham said: “We are pleased to have received this offer and the board has determined that in the absence of a higher offer, this deal is in the best interests of all shareholders.
“Following completion of the proposed transaction, the board intends to seek new investments in high growth industries to seek to drive strong shareholder value.”
Completion of the disposal is anticipated for 29 August 2018.
Core staff to be retained
Core staff will be retained by Velpic to manage the Dash Digital and NowForce businesses.
Dash Digital is a specialist technology agency that offers brand, marketing, web and app development services.
It is adept at building, deploying and maintaining cloud platforms and mobile applications.
Velpic Safety is powered by NowForce
Velpic is NowForce’s exclusive reseller in Australia and New Zealand trading as Velpic Safety.
Velpic Safety is a unique platform for all organisations concerned with the security of staff, clients and assets.
The platform allows businesses to manage and respond to any security incidents as well as providing proactive personal security training online.