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
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.