365 Agile to close Internet of Things business after strategic U-turn

After some corporate soul-searching, technology minnow 365 Agile has decided to close its Internet of Things (IoT) business and become a cash shell.

The board of the AIM-listed company had examined whether the stream of licence revenue from its 365Agile software would be sufficient to fund the development of its Wireless Things division into a "meaningful" IoT business and a core operation for the group.

No, was the short answer, or in more detail: "based on its assessment to date the board does not believe this to be the case", meaning a "provisional decision" has been taken to close the business and begin redundancy consultations with staff of the Nottingham-based unit.

After Wireless Things is closed down, the company will become a cash shell, funded by the income stream generated from licensing of the 365Agile software to Castleton Technology.