June 3 (SeeNews) - Bulgarian software developer Sirma Group Holding [BUL:SGH] has agreed to fully divest subsidiary Sirma AI, trading as Ontotex, to a consortium led by UK majority shareholder Integral Venture Partners, in a deal which will enable the target company to focus on international expansion, with a focus on the US market.
The investment, of a total of more than 30 million euro ($32.2 million), will take the form of a capital increase combined with a secondary share purchase, Ontotext said in a statement earlier this week.
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The specific parameters of the transaction were not divulged. The deal s seen to close in August 2022, without requiring regulatory approvals.
Apart from the London-based investment firm, the consortium includes PortfoLion Capital Partners, the venture capital and private equity arm of Hungary's OTP Bank, and London-based technology-focused investment platform Carpathian Partners.
The fresh capital will allow Ontotext to invest in further developing its product range with end-to-end solutions for specific industries, starting with life sciences and financial services, as well as to boost its market position in knowledge graph technology, according to the statement.
Earlier in May, Sirma Group Holding's board approved an offer to sell a majority stake in its subsidiary Sirma AI, trading as Ontotex, to London-based investment firm Integral Venture Partners at a valuation of the whole target business of 28.5 million euro.
($ = 0.9315 euro)