ASX-listed fintech chief Novatti Group Restricted has offered its wholly-owned subsidiary, Emersion Techniques Pty Ltd, the operator of its Emersion enterprise, to a wholly-owned subsidiary of CGP Fairness.
The sale of Emersion Techniques follows Novatti’s ongoing strategic evaluate of all enterprise models and subsidiaries in opposition to the corporate’s long run monetary objectives and targets. This evaluate concluded the unique rationale for acquisition had not been achieved and the enterprise was unlikely to contribute to Novatti’s long run monetary objectives.
Novatti CEO, Mark Healy, stated, “Since 2021, Novatti has invested in constructing Emersion and integrating it into the Group, nevertheless the enterprise not matches our strategic route. Following our ongoing strategic evaluate, Novatti is concentrating assets and give attention to scaling the Group’s core funds infrastructure and divesting non-core property. CGP Fairness brings intensive and profitable expertise within the managed service supplier and telecommunications sector making them ideally positioned to information Emersion by its subsequent section of progress. This divestment permits Novatti to re-focus capital and administration consideration to the Group’s most tasty progress priorities and to delivering sustainable returns to shareholders.”
The sale was undertaken by way of an unconditional share buy settlement between Novatti and Emersion HoldCo Pty Restricted (a wholly-owned subsidiary of CGP Fairness), pursuant to which that entity bought all of Novatti’s shares in Emersion Techniques for a money consideration of $500,000.
The strategic evaluate of different enterprise models and investments inside Novatti’s portfolio stays ongoing and alternatives to strengthen Novatti’s core Funds AU/NZ enterprise and the supply of its long-term monetary objectives will proceed to be pursued.