Benzinga | Jan 28, 2022 05:33AM EST

AVCtechnologies To Divest Computex Tech Business To Calian

* American Virtual Cloud Technologies Inc (NASDAQ:AVCT) agreed to sell its Computex Technology Group business to Calian Group Ltd. The financial terms of the transaction remain undisclosed.

* The proceeds from the sale, along with cash on hand, will likely render AVCtechnologies debt-free and allow long-term value creation for its shareholders.

* The move will help AVC Technologies transition to a pure-play cloud communications and collaboration company centered on its premium Kandy platform.

* AVCtechnologies' Kandy platform is one of the largest pure-play providers of Unified Communications as a Service (UCaaS), Contact Center as a Service (CCaaS), Communications Platform as a Service (CPaaS), and Direct Routing as a Service (DRaaS) for enterprise customers.

* Price Action: AVCT shares traded higher by 2.73% at $1.13 in the premarket session on the last check Friday.