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CSPi Announces Sale of Germany Operations
Jun. 28, 2018 08:35AM PST
Cyber Security InvestingCSPi (NASDAQ:CSPI), a provider of IT managed services, security solutions and packet capture products announced it has agreed to sell its Germany operations to Reply for €10.0 million in cash. Reply, an European IT service provider and media conglomerate will acquire all of the outstanding stock of CSP’s Germany subsidiary which includes all of the assets …
CSPi (NASDAQ:CSPI), a provider of IT managed services, security solutions and packet capture products announced it has agreed to sell its Germany operations to Reply for €10.0 million in cash.
Reply, an European IT service provider and media conglomerate will acquire all of the outstanding stock of CSP’s Germany subsidiary which includes all of the assets and liabilities.
The company in their press release said that the transaction value is approximately $11.6 million.
As quoted in the press release:
The sale, which is expected to close during the fourth quarter of fiscal 2018, is subject to various closing conditions, including, among others, the approval of the German Federal Cartel Office. CSP will continue to operate its United Kingdom location to serve certain multinational clients.
“The divestiture of CSP’s Germany operations and our increased cash position will enable us to focus time and resources on our higher-margin and greater-potential growth opportunities,” said Chief Executive Officer Victor Dellovo. “We are encouraged by the traction of our managed services business in the U.S. and will continue to invest and focus on our new ARIA cybersecurity products and to capitalize on the proliferation of our wireless service business. This transaction is another positive step toward our future growth. We thank our employees in Germany for their contributions to CSP.”
