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Ricardo PLC on Tuesday said it completed the sale of its software business unit for up to $20.5 million in cash.
The environmental and engineering consultancy said it will receive $17.5 million upon completion but added that a further $3.0 million may be received if the software business achieves revenue targets in the 12-months post-completion.
Ricardo's software business unit comprises of shares in the UK, US and Czech companies of Ricardo Software. The unit is being sold to FOG Software Group, a division of Canadian software company, Constellation Software Inc.
The firm says the sale comes as part of its strategy to optimise its portfolio, saying it would use the proceeds to reinvest in growth opportunities.
Shares in Ricardo were down 1.0% at 410.00 pence on Tuesday in London.
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