- Connected IO (CIO) completes the sale of its main business undertaking, CIO technology, with all conditions having been met by the company and the purchaser
- The decision was made based on CIO Technology’s inability to return to its pre COVID-19 sales trajectory
- The company says it continues to pursue its existing business of providing the Internet of Things (IoT) services and products in Australasia region
- Shares in Connected IO were up 2.08 per cent on Monday, closing at 4.9 cents each
Connected IO (CIO) has completed the sale of its main business undertaking, CIO Technology, with all conditions having been met by the company and the purchaser.
The company is continuing to engage with Splendor, a Southeast Asian consultancy group. Splendor reviewed the company with recommendations to sell its loss-making manufacturing business.
The decision was made based on CIO Technology’s inability to return to its pre COVID-19 sales trajectory.
Moving forward, the company will work with Splendor to create a growth plan.
The company said it continues to pursue its existing business of providing the Internet of Things (IoT) services and products in Australasia region.
It recently executed a contract to supply consultancy and possibly hardware to an ASX-listed company.
The contract is not considered material at this stage but the company said it demonstrates the demand for IOT products and services in the Australasian market.
In the company’s most recent strategic review, it said its aim was to focus on Australia, then Southeast Asia, and potentially Europe. Before this, it was solely operating in North America.
Shares in Connected IO were up 2.08 per cent on Monday, closing at 4.9 cents each.