ASX 200 rises on Monday
Tristan Harrison | December 14, 2020 4:41pm |
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6,660 points.
Altium, the electronic design software company, announced it is going to sell its TASKING business to FSN Capital for US$100 million up front and another US$10 million conditional upon achieving revenue targets in FY21 after the sale.
Mr Aram Mirkazemi, the CEO of Altium, said: “The strategic divestment of TASKING combined with our recent organisational changes and hard pivot to the cloud marks an inflection point for Altium in its pursuit of industry transformation. While TASKING is a great business, it does not play a central role in our design to realisation strategy for the electronics industry, which is being delivered through our new cloud platform Altium 365. The divestment of TASKING will free up organisational capacity and allow Altium leadership to focus on our main game, which is to expand Altium 365 and accelerate the adoption.”