National World PLC - national, regional and local multimedia organisation - Completes £3.5 million sale of the entire business and assets of Press Computer Systems Ltd, which was an indirect wholly-owned subsidiary of National World. The sale is to Naviga 1 UK Ltd, which is a wholly-owned subsidiary of Naviga Inc. The transaction satisfied is via a prepayment by National World to Naviga under a software agreement entered into between the two parties on completion of the disposal. National World acquired the newspaper and online assets of Midland News Association Ltd in a £11.5 million acquisition, together with PCS as a minor part of the consideration, in September last year. National World Chair David Montgomery comments: ‘Newspaper production technology is not our core expertise and so we believe PCS is being transferred into good hands with Naviga, which is best placed to develop that business while continuing to serve National World’s modernisation and automation needs for the long term.’ PCS provides software-as-a-service technology solutions to publishers, according to National World, ‘enabling closer collaboration across editorial, advertising and production processes’.

Current stock price: 16.00 pence, up 10%

12-month change: down 27%

Copyright 2024 Alliance News Ltd. All Rights Reserved.