IRIS Business Services Ltd Completes 95% Stake Sale in IRIS Logix Solutions Private Limited to Sovos Compliance Limited

IRIS Business Services Ltd has completed the sale and transfer of its entire balance stake in IRIS Logix Solutions Private Limited to Sovos Compliance Limited, United Kingdom. The transaction is part of the sequence of steps previously disclosed in relation to divestment of the Company’s GST ASP Services Business in favour of IRIS Logix and associated stake in IRIS Logix in favour of Sovos. The transaction was undertaken in line with the definitive agreements approved by the Board of Directors of the Company 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, investment by Sovos in IRIS Logix by way of subscription to compulsorily convertible debentures, and the transfer of the Company’s GST ASP Services Business to IRIS Logix as a going concern on a slump sale basis.