Mirada offloads Mirada Connect Limited to PayByPhone
LONDON: Mirada plc, a leading provider of integrated software solutions for digital TV operators and broadcasters, has sold its payment solutions provider business, Mirada Connect Limited, for a cash consideration of £2.1 million.
Connect was a wholly owned subsidiary of Mirada and provides cashless payment solutions to car park operators in the UK. Connect was not a core business of the Group and operated independently of Mirada's main digital TV business.
Connect has been sold by the Company to PayByPhone UK Limited (part of Volkswagen Financial Services), a market leading pay by phone payment operator for parking, pursuant to the terms of a share sale agreement which, inter alia, contains certain warranties, indemnities and restrictive covenants given by the Company. The Company intends to use the net proceeds of the sale of Connect for general working capital purposes.
In the year ended 31 March 2019, Connect recorded revenue of £633,000 and a profit before tax of £122,000 and was valued at £556,000 on the Company's balance sheet at that date.