Infobank has sold Internet Software Corporation for £6.5 million in a management buyout to concentrate on electronic procurement technology.
The sale of the corporate software arm comes at the same time as Infobank admitted it was talks with an unnamed company that could lead to a merger.
Infobank will receive £3 million in cash, £2 million in unsecured loan notes and a pre-completion dividend of £1.5 million from Ever 1129, the management buyout vehicle.
The rating of the company's shares this year has been driven by the perceived potential of this Internet offering. At the beginning of the year Infobank was valued at £44 million to more than £1 billion. Its shares climbed a further 1171/2p to close at £13.25p.
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