Formjet sells Panda for £1.4m

Formjet has sold off anti-virus specialist Panda UK for £1.4m promising the channel that the disposal will provide it with more time to focus on its other products.

Formjet has sold off anti-virus specialist Panda UK for £1.4m promising the channel that the disposal will provide it with more time to focus on its other products.

Formjet had a year left on its contract with Panda and in a bid to maximise a return it made the move to sell.

Panda UK has been picked up by Panda International but staff and the premises of the current operation will not be impacted and Formjet will continue to distribute the security software.

Formjet made the decision to sell the business after watching Panda International snap up the Swedish operation with a view to growing its own worldwide franchise business.

In a statement, chairman of Formjet Lyndon Chapman, said that it had reacted to recent moves made by Panda International.

"Panda Security S.L. announced the acquisition Panda Sweden this week. It is their stated strategy to acquire franchise businesses in important territories and we have anticipated the move," he said.

The disposal leaves Formjet with the reselling rights for Panda as well as its ASI Innovations brand but will be making some board changes including David Hennell stepping down from the board to focus on sales and marketing strategies at the Formjet Innovations and ASI Ability subsidiaries.

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