Recruitment software provider Bond International Software has sold the entire issued share capital of its wholly owned subsidiary, web-focused software development business Abacus Software in a management buyout to Urdgrup for a consideration of £1.7m.  

Abacus has been sold for an initial sum of £700,000 payable on completion with a further £250,000 payable on the first anniversary of completion, £400,000 payable on the second anniversary and £400,000 payable on the third anniversary.

Chief executive Steve Russell, says: “We are pleased to have disposed of Abacus as it forms part of Bond’s plans to focus on its core activities in the recruitment and HR industries. We wish the buyout team and their investors all the best as they pursue the development of a new product, “Audience Development”; a web-based solution to assist large publishers to better manage and monetise their audience data and content.”