Mobile software developer Semotus Solutions Inc. said it plans to jettison its wireless financial information assets to Stockgroup Systems Inc. for an undisclosed sum.
Semotus, which markets software that connects enterprise users to office information systems, said it expects to benefit from the deal over the next two years through a revenue-share agreement with Stockgroup. Semotus said it intends to focus on its flagship product, a wireless messaging product called HiplinkXS.
“Stockgroup expects to achieve significant synergy with the combination of the Semotus financial products with those recently acquired from TCS,” said Marcus New, CEO of Stockgroup. “We look forward to a rewarding and continuing relationship with Semotus to maximize the revenue these products will contribute to both companies.”
Shares of both Semotus and Stockgroup were unchanged following the announcement.
Semotus ditches financial biz
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