BATM sells NGSoft Ltd for $33m
BATM, an international provider of real-time technologies for networking solutions and medical laboratory systems, announces that it has exercised its option to sell NG Soft Ltd to Aztek Technologies (1984) Ltd., a provider of ICT cloud services in Israel and a portfolio company of SKY Fund, for $33m.
The deal involves $29m up front in cash, and the acquisition is expected to be complete by the end of March 2021.
BATM intends to invest the proceeds of the sale to strengthen its innovation and commercialisation engine organically and through acquisition to enable the Group to accelerate its core activities – in particular, in network function virtualisation (“NFV”) and molecular diagnostics.
NGSoft is a software and digital services company that provides creative digital and technology solutions. In 2020, NGSoft generated a profit before tax of $2.4m and as at 31 December 2020 it had gross assets of $22.5m.
Dr Zvi Marom, Chief Executive Officer of BATM, said: “We are pleased to be, once again, generating value from the sale of a part of our portfolio that is non-core to our future. We will be able to use the proceeds from this transaction to accelerate the areas of our business that we believe will provide transformational growth opportunities. This follows an extremely successful 2020, with significant strategic progress in both the Bio-Medical and Networking & Cyber division, and further strengthens our foundations. As a result, we remain very excited about our future and look forward to continuing to deliver shareholder value.”