UK software and recruitment company Highams Systems Services has sold its Business Solutions division to Canadian trade finance technology outfit Surecomp for £910,000.
HBS, which markets its Hi-Finance factoring package to a blue chip client base in banking, factoring of debts, and asset-based leading, brought in half-yearly revenues of £720K, up just £3K on last year, and a profit before tax of £284K, up from £204K.
The net proceeds to the group from the sale are anticipated to be approximately £750K. This will be ploughed back into Highams' recruitment business, which has been the firm's main engine of growth.
Under the terms of the agreement, Surecomp has taken a sub-lease of part of the group's Caterham premises for a period of up to 16 months at a full rental which has been paid in advance. HBS head Bryan Martin, who has quit the Highams' board with a £90K pay-off, has entered a new contract of employment as a vice president of Surecomp.
The Canadian firm has made numerous acquisitions in the past including, the IMMS treasury product from Hogan, the Perfect Match confirmation matching system from Genesis, Powerdealer from mpct Solutions, and Morgan Laboratories.
The company also has an investment in Cambridge, UK-based Brady, a software firm that specialises in risk management and precious metals trading solutions.