December 30 (SeeNews) - Bulgarian software developer Sirma Group Holding [BUL:SGH] said that its subsidiary Sirma Solutions signed an agreement to sell its entire stake of 23.80% in semantic technology arm Sirma AI for 9.46 million euro ($10.1 million).
The shares will be sold to three buyers, with the bulk of them, or some 1.18 million ordinary shares and 226,974 Class A shares, to be purchased by the European Bank for Reconstruction and Development (EBRD) for 6.96 million euro, Sirma Group said in a bourse filing last week.
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Hungarian company OTX-Partner Korlatolf Felelossegu Tarsasag will buy 338,946 ordinary shares and 65,201 Class A shares in Sirma AI for 2 million euro. Lastly, Sirma Group board member Atanas Kiryakov will acquire the balance of 84,905 ordinary shares and 16,333 Class A shares for 500,000 euro.
The divestment is expected to close by March 31, 2023.
Sirma AI provides AI-driven technology services for clients such as S&P, the Financial Times, Johnson Controls, automobile conglomerate Stellantis, BBC and the British parliament.
In September, Sirma Group completed the sale of its majority stake in Sirma AI to New Frontier Technology Invest SARL, a fund of London-based investment firm Integral Venture Partners, at an overall valuation of the target business of 28.5 million euro ($30.4 million). The holding received 6.6 million euro out of the 19.5 million euro total value of the sale, while subsidiaries Sirma Solutions and Ontotext received the remainder.
Sirma Solutions retained the 23.80% stake in Sirma AI following a 10.75 million euro capital increase of the target company carried out by New Frontier Technology as part of the acquisition.
($ = 0.9378 euro)