Proxama, a proximity marketing and m-payment software application provider, is exploring sale of its digital payments division after receiving a number of expressions of interest.
Negotiations regarding the sale of the business are currently underway and the company believes that its balance sheet would be significantly bolstered by the sale of this business.
Go deeper with GlobalData
The sale is expected to be finalized by the second quarter of 2016.
Proxama said the talks were solely for the digital payments division and will not include any the consideration or solicitation of bids for the shares of the group.
Proxama operates two divisions including the proximity marketing and digital payments, which have achieved revenues and other income of about £3m for 2015 compared to £0.8m in 2014.
There will be an underlying loss [EBITDA] for the year of £5.3m though the second half deficit halved to £1.8m.
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 GlobalDataThe payments division manages credit and debit cards solutions for financial institutions in the US, Europe and the Middle East and specialises in enabling the migration of cards from magnetic stripe cards, to chip and pin cards and from contactless chip cards to mobile devices.
