Norway, Dec. 30 -- Atea has entered an agreement to sell 51% of shares in its Latvian subsidiary AppXite SiA to the UK-based Aries Global. Atea will retain 41% of shares in AppXite on a fully diluted basis, following the execution of share sale and option agreements with key employees in AppXite.AppXite SiA provides a platform for the distribution and resale of subscription -based software and IT services. AppXite's customers include Atea, as well as other international software and IT service providers. AppXite SiA is forecast to generate IFRS revenue of approximately EUR 5 million in 2025, with a breakeven EBIT. The sale price for the 51% stake in AppXite is up to EUR 10.7 million.
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