11:40 AM EDT, 05/27/2024 (MT Newswires) -- NowVertical Group ( NOWVF ) , a data analytics and AI company, on Monday agreed to sell its technical-services support business Allegient Defense to a subsidiary of BCS LLC for up to US$12.5 million.

The figure includes US$7.5 million in cash, US$1.0 million issued under a secured promissory note, and up to US$4.0 million payable on Allegient achieving certain revenue milestones.

NowVertical ( NOWVF ) said the sale allows the company to streamline its integration operations, enhance overall EBITDA and allocate resources more effectively towards growth.

"The sale of Allegient aligns with our commitment to optimize our core business strategy of integration to build one cohesive business and unified brand," NowVertical ( NOWVF ) CEO Sandeep Mendiratta said.

NowVertical ( NOWVF ) were last seen up $0.015 to $0.235 on the TSX Venture Exchange.

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