Education sector tech firm RM has announced the sale of its RM Integris and RM Finance Business software businesses for £16m.
The London-listed firm said an initial consideration of £12m in cash would be paid on completion, adjusted to reflect a normalised working capital position of the two firms.
Proceeds from the sale will go towards slashing group debt and strengthening RM’s balance sheet.
Shares in RM were buoyed more than three per cent in early trading on Monday morning.
The sale is anticipated to take place during the first half of next year.
It comes as bosses have already outlined a restructuring of the business’s technology division, with a plan to refocus its strategy on its core managed services business.