Atea ASA (ATEA.OL,ATAZF), a Norway-based IT services company, Monday said that it has signed an agreement to sell a 51 percent stake in its Latvian subsidiary, AppXite SiA, to UK-based Aries Global for a consideration of up to 10.7 million euros. Following the completion of the share sale and option agreements with important AppXite employees, Atea will retain a 41 percent stake in AppXite on a fully diluted basis, the company added.
According to Atea, AppXite SiA offers a platform for the distribution and resale of subscription-based software and IT services. The Latvian counterpart is forecast to generate approximately 5 million euros in IFRS revenue for fiscal 2025 and is projected to achieve breakeven EBIT during the year, the company added.
Commenting on the developments, Atea CEO Steinar Sønsteby, said, "AppXite has developed an excellent platform for managing subscription-based software and IT services. The business has tremendous potential going forward. We look forward to working together with Aries Global to bring AppXite to the next stage of its development."
On the Oslo Exchange, ATEA.OL ended trading at 155.60 Norwegian Kroner, down 0.40 Kroner or 0.26 percent.
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