Bond International Software has sold Abacus Software to its management for £1.75m.
Abacus provides, web-based consultancy and hosting services to public sector and media clients and Bond was to concentrate on its core recruitment software business.
Bond will receive an initial £700,000 with £250,000 payable in one year, £400,000 the following year and a further £400,000 in three years time.
Bondís net debt was £2.54m at the end of 2010.
Abacus made an operating profit of £261,000 on revenues of £4.06m in 2010. Bond made an operating profit of £2.7m on revenues of £32.4m.
At 45.5p a share, Bond is valued at £16.7m.
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