Hyro not in talks to sell Idaptive unit

Digital services (ASX:HYO) is not currently negotiating to sell a newly spun-off software unit, despite comments from the CEO that a sale could happen within six months

Digital services company Hyro (ASX:HYO) is not yet in talks to sell off its Idaptive software division, but did not rule out an eventual sale.

In a market update on Thursday, Hyro denied a report that claimed the company was in first round talks to sell the identity and access management software business.

“At the date the article was published there were no negotiations or discussions in place relating to a sale of the Idaptive business,” the update read, adding that “the board is not aware of any other matters that would be required to be disclosed” with regards to the subsidiary.

The clarification mentioned, but did not confirm or deny, comments from CEO Bill Votsaris that the division could be sold some time over the next six months.

Hyro recently spun off Idaptive into a wholly-owned subsidiary, in a move aimed at expanding the sales channels available for the software and allowing the division to pursue a more suitable partnership model.

In August, Hyro revealed it had narrowed its net loss to just $74,000 in 1H11 — from $1.5 million a year earlier — and ended the period with no core debt.

HYO shares fell 1.82 per cent in Thursday's trading to $0.540.

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