BOS Global completes IP offload in Hostisme disposal

5th Jan 2017 14:05

(ShareCast News) - Enterprise productivity software company BOS Global Holdings updated the market on the sale of Hostisme Intellectual Property on Thursday.The AIM-traded firm said it completed the IP assignment of its Hostisme hospitality software prototype - which is non-core to the company's activities - on 30 December.As part of the completion, the company received the initial consideration of $0.01m on the same day.In addition to the initial consideration, BOS Global is entitled to 5% of each year's EBITDA figure."After the sale, the company signed a 12-month software development contract for its India Software Development Centre and received in advance $0.01m on 30 December for services to be delivered in January 2017," the firm's board said in a statement."The minimum contract value for such software development services is $0.12m."BOS Global said its focus continued to be its BOS360 Work Patterns system of software products and related services.The company's stated objective is to achieve operating profitability during 2017, remain debt free and retain a surplus cash reserve to enable acquisition opportunities to be pursued.