Search

Tech firm Proxama targets cost cuts as it scraps plans to sell digital payments arm

PUBLISHED: 16:49 17 May 2017 | UPDATED: 16:49 17 May 2017

Proxama chief executive  John Kennedy. Picture: Nick Butcher.

Proxama chief executive John Kennedy. Picture: Nick Butcher.

©archant2016

Tech firm Proxama has scrapped plans to sell its digital payments division and will instead carry out a million-pound restructure.

The company, which is headquartered in Surrey Street in Norwich, has ended the sales process and decided it “is more suitable to extract value from long-term contracted revenue agreements”.

The firm, which also has offices in London and New York, said it will reduce costs in the division and use the cash it generates to contribute towards its more established services – proximity marketing and data.

Chief executive John Kennedy said there would be no material change to the business in Norwich, with the digital payment side of the business primarily based in London.

Proxama employs around 30 in Norwich and 61 overall.

Proxama’s AIM share price fell by about 28%, from 35p to 25p, on the news.

Search hundreds of local jobs at Jobs24

Management Jobs

Show Job Lists

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Insight

Christmas party season is fast approaching – but do you know how to handle the occasion without making a show of yourself?

Norfolk and Suffolk’s retailers are preparing for the Black Friday and festive rush amid challenging times for the high street. Doug Faulkner finds out how they are feeling ahead of this key season.

Green 100

cover

Enjoy the Green 100
digital edition

Read

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100