Capita sells software business for £33m

(Sharecast News) - UK government contractor Capita said it has agreed to sell its five software businesses for an enterprise value of £33m, as the outsourcer tries to strengthen its balance sheet. The company on Thursday said it hoped to receive cash proceeds of £44m on completion of the deal, including around £9m of cash within the sold businesses. It now plans to and focus on its two core public service and experience divisions.

Capita has already announced a deal to sell its critical messaging services business PageOne and offloaded its resourcing and security watchdog businesses in May.

The deal comes as the group forecast a £15m hit from a cyber attack which saw personal information leaked onto the dark web in March.

Reporting by Frank Prenesti for Sharecast.com