Regenersis to dispose of repair business, change name

Regenersis announced a major step in its transition towards being an entirely software-based business on Friday, with the proposed sale of its Repair Services Business.

The AIM-traded firm said the deal was worth €103.5 million (£80.1m) in cash, to be paid at completion, which was set down for the second quarter of 2016.

Following the disposal, Regenersis said it intended to return £50m capital to shareholders.

"In line with the company's strategy to position Regenersis as a pure play software asset, the conditional disposal of the repair services business announced today is the outcome of a structured and competitive process, against a background of solid continued financial performance", said executive chairman Matthew Peacock.

The company's board said following the sale, Regenersis would become a pure play software business comprising of Blancco, SafeIT, Xcaliber and Tabernus, and would change its name to Blancco Technology Group.