Posera, a provider of software solutions for the hospitality industry, has agreed to sell its wholly-owned subsidiary Zomaron to a group representing the current management team of Zomaron.
Zomaron, which was established in 2008, provides credit and debit card processing solutions, known as Merchant Processing, to merchants in Canada.
Posera did not disclose the financial terms of the deal, which is expected to close on 29 April 2016.
The company said that it will receive cash consideration and the cash repayment of an intercompany debt, which is outstanding between Zomaron and Posera.
Posera CEO Loudon Owen said: "We have built the Zomaron merchant portfolio since it was acquired in 2013, through organic growth and a diligent sales force. This transaction enables Posera to execute on its focused strategy of growing its software business.
"Posera will use the proceeds to invest in its widely deployed Point-of-Sale (POS) platforms, MaitreD’ and Fingerprints, and its secure Pay-at-the-Table middleware solution. Based on our excellent working relationship, Posera and Zomaron will continue to work together in expanding each other’s businesses following this management buyout."
Zomaron president Tarique Al-Ansari said: "Zomaron will continue to service its loyal Merchant Processing customers throughout Canada. We also look forward to maintaining our close working relationship with Posera as we each focus on our core businesses."