BT has confirmed that it has sold off its legal, accounting and professional services software business, Tikit for around £80 million.
UK based software firm Advanced will purchase 100 per cent of the company, which will be the company’s fifth acquisition in the past 12 months.
Tikit is a UK based business that focuses its solutions around four key business challenges for professional services firms: Practice and Case Management; Time and Billing; Document Lifecycle; and Marketing and Business Development.
“With BT’s renewed focus on investing in our core business, the time is right for a new owner to maximise Tikit’s full potential. Our colleagues at Tikit have been a valued part of BT for the past seven years and I wish them every success for the future within Advanced. Today’s announcement is the next exciting chapter for Tikit, which is poised for further growth as part of Advanced given its extensive industry expertise and scale across enterprise software,” said Gerry McQuade, CEO of BT’s Enterprise unit.
BT has sold off a string of overseas assets in the past weeks, cashing in on its operations in France and Latin America. The sale of Tikit represents the first divestment from its UK based portfolio for some time.