Capita plc (LON:CPI) today announced that it has agreed to sell its AMT Sybex software business to Jonas Computing (UK) Limited, in a deal that values AMT Sybex at up to £40m.
AMT Sybex is the leading provider of critical utilities and infrastructure software in the UK. Its software facilitates efficient and reliable energy provision by balancing supply and demand.
Jonas will pay £23m on completion, which is scheduled for 1 January 2022. Potential additional consideration of up to £17m is payable to Capita over 24 months, subject to certain conditions.
The reported revenue and profit before tax of AMT Sybex for the year to 31 December 2020 were £40m and £12m respectively. Gross assets were £77m at 30 June 2021
The AMT Sybex senior management team and employees will remain with the business.
Capita previously announced its intention to sell a number of non-core businesses to strengthen the balance sheet and focus on its two core divisions, Capita Public Service and Capita Experience. The sale of AMT Sybex brings the total proceeds from disposals in 2021 to at least £643m. We continue to target £700m of non-core disposals proceeds by June 2022.
Jon Lewis, Capita’s Chief Executive Officer, said: “We are pleased to have agreed the sale of our AMT Sybex business to Jonas following a competitive sale process.
“As we continue to simplify and strengthen the business, this disposal is another step towards a more focused and sustainable Capita for the long term.
“At the same time, our AMT Sybex colleagues and clients will join an established industry organisation with plans to take the business onto the next stage of its development.”