Glantus announced that it has entered into a conditional agreement for the sale of software to an international provider of accounting software (the "Customer"). The total consideration is £1.8 million to be satisfied in cash, of which £1.4m is expected to be paid by 1 December 2022 and £0.2 million per annum will be payable on the anniversary of the agreement for two years as deferred consideration. The agreement is conditional on a schedule of engineering works to be completed by 30 November 2022.

In addition, the agreement contains a handover schedule under which the Company shall provide some light touch support to the buyer for three months post completion if required. The bespoke software, developed by Glantus, is proprietary to the Customer and does not form part of the Glantus core technology stack. The Customer is acquiring the software following positive test outcomes.

The Company expects to use the net proceeds from the sale for working capital and to help fund its growth initiatives. The software being sold does not have any profits directly attributable to its use and given the nature of the sale, the Company expects the proceeds to be recognized as revenue.