StockMarketWire has reported that troubled cloud service provider Outsourcery has been sold to GCI Network Solutions Ltd. Outsourcery confirmed to the stock exchange this morning “Agreement has been reached to sell substantially the entire business and assets of the company’s trading subsidiary Outsourcery Hosting Ltd to GCI Network Solutions."
The sale process was instigated as a condition of a working capital facility provided by its secured lender.
In order to complete the sale, it will be necessary to appoint Administrators, and the Board of Outsourcery has resolved to appoint partners from EY as Administrators for this purpose.
The appointment is expected to be made today, and the sale is expected to complete shortly thereafter.
Further updates will follow.