IT staffing and services provider Parity Group Plc has sold its subsidiaries in Germany and France to German IT services vendor GFT Technologies AG for 7.7m euros ($9.4m).
Under the terms of the deal, GFT will acquire the division known as Parity Europe, which consists of Parity’s German business, Parity Beteiligungsgesellschaft GmbH, and its subsidiaries, as well as Parity’s French operation, Parity Eurosoft SARL. The purchase will be completed by the end of the month.
In the year to December 2004, Parity Europe reported pre-tax profit of 600,000 euros ($735,000) on revenue of 33.7m euros ($41.3m).
Following the disposal, London, UK-based Parity will continue to operate in mainland Europe through its businesses in the Netherlands, Belgium, and Switzerland. However, it is likely that these operations will also be sold off eventually as part of the company’s long-term strategy to concentrate solely on the domestic market.
In September, Parity announced that it was selling off its US operation, Parity Americas. The company said it was in talks with a number of parties over the sale, but no deal has yet been announced.