FilingReader Intelligence

Iris Business Services to divest tax technology business

July 2, 2025 at 05:59 PM UTCBy FilingReader AI

IRIS Business Services (BSE: 540735) has entered into an agreement to sell its Tax Technology (GST) ASP business to Sovos, a global tax compliance leader. The total transaction is valued at INR 1512.4 million. This divestiture is part of IRIS's strategic move to consolidate operations, streamline businesses, and enhance shareholder value. The proceeds from the transaction will provide non-dilutive capital to fuel growth in IRIS's RegTech business and other strategic initiatives. The company anticipates that all employees within the divested business unit will transition to Sovos. The transaction is expected to close in August 2025, pending shareholder approval and customary closing conditions.

This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com

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