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Spenda Limited ( (AU:SPX) ) has provided an update.
Spenda Limited has agreed to divest its Spenda Ledger technology platform to APG Pay for approximately $1.8 million, while retaining all existing Spenda Ledger customers and securing a four-year licence to keep using the technology. The deal transfers the platform’s operational team and associated costs to APG, allowing Spenda to maintain revenue from the Ledger component without bearing its infrastructure, development and personnel expenses.
The transaction is part of a broader strategic reset that simplifies Spenda’s operations and delivers about $2.7 million in annual staff-related savings, contributing to roughly $7 million in total annualised cost reductions and improving its path toward profitability. Leadership changes accompany the move, with the CTO and CEO stepping down, Executive Chairman Karim Razak taking a more hands-on operational role focused on sales and growth, and David Wood consolidating technology and product oversight, underscoring a shift toward commercial execution and scaling core products.
More about Spenda Limited
Spenda Limited is a financial technology company that develops digital payment and business management platforms, including Spenda Pay, Spenda Ledger and Spenda Retail, targeting businesses seeking integrated payment, invoicing and retail solutions. Its products are already live in the market and generating revenue, positioning the company within the broader B2B payments and retail technology ecosystem.
Technical Sentiment Signal: Sell
Current Market Cap: A$5.89M
See more data about SPX stock on TipRanks’ Stock Analysis page.