Eleco PLC on Monday said it has sold its wholly owned subsidiary Eleco Software GmbH, the German Arcon architectural CAD business, for €600,000.

The London-based construction software developer said it has sold Eleco to FirstInVision GesmbH, an Austrian architectural software business.

The €600,000 consideration will be satisfied in cash, with €550,000 immediately payable on completion and €25,000 in two deferred instalments over the next two years.

Eleco explained that the transaction supports its strategy to focus on its core customer segments and businesses.

Chief Executive Jonathan Hunter said: ‘This transaction reinforces our strategy to focus on our core businesses as we successfully transition these businesses on the software-as-a-service journey; it brings greater certainty for the Arcon business, staff and customers going forward; and, also frees up valuable management time for application to other parts of the business and acquisitions.’

Shares in Eleco were up 0.6% to 83.50 pence each in London on Monday morning.

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