IRIS Business Services to sell GST ASP business to Sovos

IRIS Business Services (BSE: IRIS) announced today that its Board has approved definitive agreements to sell its GST ASP Services Business and its subsidiary, IRIS Logix Solutions Private Limited, to Sovos Compliance Limited, United Kingdom. The total consideration for the transaction is INR 151.24 crore. As part of the deal, IRIS Business Services will first acquire the remaining 48.99% stake in IRIS Logix to make it a wholly-owned subsidiary. Following this, 5% stake in IRIS Logix will be sold to Sovos; subsequently, IRIS Business Services' GST ASP Services Business will be transferred to IRIS Logix for INR 140.57 crore; and finally, Sovos will acquire the remaining stake in IRIS Logix for INR 10.67 crore. The transaction is expected to be completed by October 1, 2025.