Education technology provider RM has cut loose its loss-making access control and cashless catering system wing of its AMI business, known as Easytrace.
The company confirmed the disposal in a trading statement to the City this morning. However, it will retain the school network management part of the AMI business - dubbed Ranger, which has been folded into the RM family. AMI Education Solutions Ltd, whose sole remaining business is Easytrace, was flogged off by RM to Jonas Computing (UK) Ltd, which yesterday bought 100 per cent of the issued share capital to finalise the deal.
"The estimated consideration of £0.65m, which is subject to net assets at completion, is receivable in cash and this will be retained within the Group to meet operational requirements," it added.
"In addition, the Group expects to receive approximately £0.5m of existing accounts receivable balances. In the UK, the Jonas group of companies includes Gladstone Computing, which also provides access control and cashless catering systems."
As part of the disposal, RM said it would continue to sell Easytrace products under a non-exclusive reseller agreement with Jonas.
In a separate statement also issued to the City this morning, RM said that its newly appointed group managing director, Rob Sirs - who only took a chair at the board of the company in October last year - was stepping down from that role "for personal reasons".
RM added that "Mr Sirs has determined that it is in the best interests of RM if he steps down from his role. As a result, Mr Sirs will resign from the Board and as an employee effective 31 January 2012 following a transition of his current activities".
Sirs has worked at RM since 1991. The tech touter said it had no plans to immediately replace him. ®