On Oct. 30, 2017, Volt Information Sciences, Inc., completed the sale of VMC’s quality assurance testing business to Keywords International Limited. VMC was Volt’s Technology Outsourcing Services and Solutions segment and provided production development, QA testing and customer support to companies primarily in the video gaming and mobile industries.
“We are very pleased to close this value-creating deal. The sale of VMC, which represented approximately 5% of Volt’s global revenues, generated roughly $64 million in cash, or the equivalent of $3 per share, net of taxes and transaction-related expenses. This transaction further enhances our balance sheet liquidity and financial flexibility and allowed us to utilize some of our significant tax loss carryforwards. With this divestiture, Volt is now a more focused, pure-play staffing company,” said Michael Dean, President and CEO, in a press release.
Information concerning the completion of this transaction was filed by Volt today with the Securities and Exchange Commission and can be obtained at sec.gov or the ‘Investors’ section of Volt’s website at volt.com.
Find out more about VMC — a Keywords Studio at vmc.com.