UK outsourcer Capita to sell IT services firm Trustmarque for $149 mln – Reuters

Capita's logo is pictured on a smartphone in front of an electronic display showing stock graph in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration
Jan 28 (Reuters) – Capita Plc (CPI.L) said on Friday it would sell its IT services and solutions firm Trustmarque to private-equity firm One Equity Partners for 111 million pounds ($148.64 million) as the British outsourcer shifts focus to its core businesses.
The cash-free, debt-free deal comes against the backdrop of the outsourcer's recovery plan unveiled last March to focus on its key divisions of Capita Public Service and Capita Experience in the wake of the coronavirus pandemic.
Trustmarque deal follows the recently completed sales of software businesses AMT Sybex and Secure Solutions and Services.
With the latest move, Capita said it has already hit the divestment target of 700 million pounds initially set to be achieved by June 2022.
"We are now focused on selling the remaining businesses in our portfolio division, with the goal of disposing of the majority by the end of 2022," Chief Executive Officer Jon Lewis said in a statement, adding the Trustmarque transaction would help in further reducing the company's debt.
The London-listed company said the senior management team and employees of Trustmarque, a partner for global technology vendors and which accounted for about 4% of Capita's total revenue in the 2020 fiscal year, would remain active with the business.
($1 = 0.7468 pounds)
Our Standards: The Thomson Reuters Trust Principles.
Subscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved