Divestment2 Jul 2025, 11:21 pm
IRIS Business Services Divests Tax Technology (GST) ASP Business to Sovos for INR 1512.4 Million
AI Summary
IRIS Business Services, a global RegTech company, has entered into a definitive agreement to divest its Tax Technology (GST) ASP business to Sovos, a global leader in tax compliance. The total transaction value is INR 1512.4 million. The divestiture is part of IRIS' strategy to consolidate and simplify businesses and enhance long-term shareholder value. The transaction proceeds will provide non-dilutive capital to fund growth in IRIS’ RegTech as well as other business lines. The transaction is expected to close in August 2025, subject to shareholder approval and satisfaction of customary closing conditions.
Key Highlights
- IRIS Business Services to divest Tax Technology (GST) ASP business to Sovos
- Total transaction value is INR 1512.4 million
- Divestiture part of strategy to consolidate and simplify businesses
- Transaction proceeds to provide non-dilutive capital to fund growth in RegTech and other business lines
- Expected to close in August 2025, subject to shareholder approval and customary closing conditions