IT services provider Computer Horizons Corp is selling its vendor management software and services subsidiary Chimes Inc to Axium International Inc for $80m in cash.
Chimes divides its offering into three main areas: workforce acquisition, portfolio management, and workforce management. The subsidiary reported sales of $28.4m in 2005, up 23.1% on the same period of the previous year and equivalent to 10.6% of Computer Horizons’ total sales.
Following the disposal, Chimes will form part of privately held Axium’s Ensemble Workforce Solutions division, which provides workforce automation applications.
CHC’s decision to sell Chimes comes in the same month that the company completed the divestment of its federal subsidiary RGII Technologies for $15.3m in cash. In 2005, CHC’s federal sales totaled $45m.