IPH Limited’s wholly-owned subsidiary, Practice Insight Pty Limited, has completed the sale of two of its products, Filing Analytics and Citation Eagle, to CPA Global, a leading intellectual property services and technology provider, for $10 million.
Proceeds from the sale will be used to pay down existing debt, the company announced.
As part of the transaction, Practice Insight will provide agreed transition support to the purchaser to assist in the migration of the products into its business.
IPH Managing Director & CEO, Dr Andrew Blattman said the transaction was a positive outcome.
“We are proud of the development of these products and the establishment of a high quality, diverse and loyal customer base. However, we felt the best opportunity to maximise their potential would be in the hands of a global organisation with established marketing and software distribution channels in the IP sector.”
“The sale will enable our remaining Data and Analytics Software business to focus on the development and sales of its autonomous activity monitoring tool, WiseTime”, he said.