Cornerstone FS: Offloads e-money subsidiary
- Cornerstone FS is the cloud-based provider of international payment, currency risk management
- Announce that it has entered into a share purchase agreement (“SPA”) for the sale of its non-core subsidiary
- The parties have also entered a software licensing agreement for Aspire to license the Cornerstone platform for a period of 12 months
- The Company acquired Avila in October 2020 to gain a Small Electronic Money Institution
- The proceeds from the sale of Avila will be used to strengthen the Company’s existing cash resources
- For the financial year ended 31 December 2021, Avila generated revenue of £197,996 and profit of £2,418
