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- Operational software provider M.Power (ASX:MPW) is selling its tee time booking platform iSeekGolf.com
- NBC Sports’ GolfNow is the buyer in a deal worth up to $2 million
- The purchase became effective yesterday, and within three months full integration is expected
- M.Power’s CEO Pat Howard says the company is taking measures to offload in non-vital assets
- The company raised nearly $5.5 million last year to strengthen itself and its core products
- M.Power’s share price is up almost six per cent, with shares trading for nine cents each
Operational software provider M.Power (ASX:MPW), or MSL for short, is selling its tee time booking platform iSeekGolf.com in a deal worth up to $2 million. NBC Sports’ GolfNow tee time booking operation is the buyer.
As detailed in today’s release to the Australian market, the purchase is effective as of January 15.
NBC Sport will operate iSeekGold.com as an extension to its current platform. The full transition is expected to be complete in within three months.
CEO of M.Power Pat Howard explained to shareholders that the company has been strategically working to shed non-vital holdings to strengthen itself.
“The divestment of the iSeekGold platform to NBC Sports’ GolfNow is consistent with our previously stated review of all activities and products and to divest non-core assets on a case by case basis,” Pat said.
On top of this, the company completed raised $5.43 million through a share purchase plan and a placement last year. The funds are being used on the company’s core products and market sectors.
Pat detailed, “MSL has taken clear steps to refocus the company towards profitability and operating cashflows.”
The company additionally outlined the golf clubs associated with iSeekGolf.com will benefit from coming under GolfNow’s umbrella.
According to Pat, “We believe that our partnership with NBC Sports’ GolfNow will give even greater benefit to over 320 golf clubs using iSeekGolf.com by providing greater access to industry focused market leading technologies.”
M.Power’s share price is up 5.88 per cent, with shares trading for nine cents each, as of 1:20 pm AEDT.
