Cornerstone FS completes sale of Avila House
Cloud-based provider of international payment services Cornerstone FS Plc (LON:CSFS) today announced the completion of the sale of Avila House Ltd to Aspire Commerce Ltd.
The deal, which was first announced in December 2022, was closed following the receipt of regulatory approval from the UK Financial Conduct Authority (FCA). In accordance with the terms of the share purchase agreement, Cornerstone FS has now received £300,000 in cash in consideration for Avila.
Additionally, the company confirms that it commenced, in January 2023, generating revenue under its 12-month software licencing agreement with Aspire.
James Hickman, CEO of Cornerstone, said:
“We are pleased to have completed this sale and to realise value from the disposal of a subsidiary that could no longer contribute to our business. This deal is particularly strong as we are also generating revenue from licencing our platform to the buyer. The proceeds will be used to bolster our existing cash resources as we continue to drive our business forward.”