Acquisitions1 Aug 2025, 08:20 pm
IRIS Business Services Divests GST ASP Services Business to IRIS Logix Solutions
AI Summary
IRIS Business Services Ltd. has completed the transfer of its GST ASP Services Business to its subsidiary, IRIS Logix Solutions Private Limited, as a going concern on a slump sale basis, effective 01 August 2025, for a consideration of 1,405.7 million. This transaction is part of a composite transaction with Sovos Compliance Limited, United Kingdom, and was preceded by the acquisition of 48.99% stake in IRIS Logix from the minority JV partner, the transfer of 5% equity stake in IRIS Logix to Sovos, and the investment by Sovos in IRIS Logix by way of subscription to compulsorily convertible debentures.
Key Highlights
- Transfer of GST ASP Services Business to IRIS Logix Solutions Private Limited
- Transaction value at 1,405.7 million
- Part of a composite transaction with Sovos Compliance Limited, UK
- Preceded by acquisition of 48.99% stake in IRIS Logix and transfer of 5% equity stake to Sovos
- Sovos invested in IRIS Logix by way of subscription to compulsorily convertible debentures