Posera, a provider of software solutions for the hospitality industry, has completed the sale of its wholly-owned subsidiary Zomaron to a firm established by Zomaron’s current operating management team.
Go deeper with GlobalData
Established in 2008, Zomaron offers credit and debit card processing solutions, known as Merchant Processing, to merchants in Canada.
Posera said that the sale includes cash, repayment of intercompany debt and the assumption of negative working capital by the purchaser, which will enhance the company’s working capital by nearly $4.5m.
Posera CEO Loudon Owen said: "The disposition of this non-core asset is a very positive step. Not only does it fortify our balance sheet, but it also enables us to concentrate on growing our core business.
"Posera will use the proceeds to accelerate its program of SecureTablePay middleware partnerships in the USA, along with the continued expansion of its Point-of-Sale ("POS") platforms, MaitreD’ and Fingerprints."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
