IT services provider Maxima Holdings has sold non-core assets for £6.8m.
The document management services, Intellect and Microsoft generated revenues of £7.2m in the year to May 2011 and made a contribution to central overheads of £1.9m.
M-Hance Group is paying £6.5m in cash and a further £300,000 deferred for 27 months.
The cash will be used to reduce debts and pay rationalisation costs.
Net debt was £10.5m at the end of May 2011, while net assets were £14.9m. Since then a placing raised £2m, while the sale of Integrated Business Systems raised £1.2m, with a further £200,000 deferred - the NAV was £1.3m.
Interim figures were due to be announced in February but there is only one day left for this to happen.
At 32.5p a share, Maxima is valued at £11.5m.
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