Business News
Day Software Announces Sale of UK Subsidiary MarketingNet Ltd
Friday 02. January 2009 - Day Software (SWX:DAYN)(OTCQX:DYIHY), a leading provider of global content management software, today announces the completion of the sale of MarketingNet Ltd, a UK company active in the agency services business, to WAA Ltd, also a UK company.
This sale marks the completion of Days efforts to refocus its UK operations on its core business and drive UK expansion through a channel-driven model.
Day Software acquired MarketingNet Ltd in October 2000. All existing customers of MarketingNet Ltd will stay with MarketingNet Ltd, which will be owned by WAA Ltd.
Commenting on the completion of the sale, Days CEO Erik Hansen said “As the agency services business is not part of our core business, we are delighted that we have been able to complete the sale of MarketingNet Ltd to WAA Ltd as this ensures a good future for MarketingNets customers as well as ensures that as many staff of MarketingNet as possible have been able to keep in employment.”
As a result of the sale completion, Day are anticipating non-cash charges in its 31st December 2008 results relating to Goodwill as well as cash charges relating to discontinuing operations such as leases, staff costs, and legal costs.
Day Softwares core operations in the UK carried out by Day Software Ltd are not affected by this announcement.