IRIS Business Services to sell GST business for INR 151.24 crore

IRIS Business Services (BSE: 540735) has announced the sale and transfer of its GST Application Service Provider (ASP) business and its 100% equity stake in IRIS Logix Solutions Private Limited to Sovos Compliance Limited, United Kingdom. The total consideration for the transaction is INR 151.24 Crore. The deal involves several sequential steps, including IRIS Business Services first acquiring the remaining 48.99% stake in IRIS Logix to make it a wholly-owned subsidiary. Then, 5% equity stake of IRIS Logix will be transferred to Sovos. Lastly, the company's GST ASP Services Business will be transferred to IRIS Logix for INR 140.57 crore and the entire balance stake of the company in IRIS Logix will be transferred to Sovos for INR 10.67 crore. The transfer is subject to adjustments for net working capital or cash in IRIS Logix. The transaction is expected to be completed by October 1, 2025, subject to customary conditions and regulatory approvals. The board approved the transaction on Wednesday, July 2, 2025.