StockMarketWire.com - Defence technology company QinetiQ said it has reached an agreement to dispose of Boldon James to HelpSystems International for a consideration of £30m.

The company said the decision to divest Boldon James was a strategic choice to allow increased focus on its core capabilities.

QinetiQ confirmed the cyber and information domain remains a strategic growth area where it sees 'good opportunities'.

Boldon James, which provides data classification and secure email messaging solutions, was acquired by QinetiQ in 2007 and in the year ended 31 March 2020 generated revenue of £9.1m.

Chief executive Steve Wadey said: 'Our vision-based strategy to drive growth through mission-led innovation means that we continually review our portfolio of businesses for their contribution to growth within the group.

'We are therefore delighted to have announced the sale of Boldon James to HelpSystems, who can provide greater synergies and relevant market access to enable their future growth.'


At 8:22am: [LON:QQ.] Qinetiq Group PLC share price was -2.6p at 299.4p



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