Baltimore Technologies today announced it is to sell its core PKI business for £5 million sterling in cash in what the company described as the last major disposal in its restructuring.
The sale of the PKI security software to beTRUSTed is subject to approval by Baltimore's shareholders at an Extraordinary General Meeting.
Following the recently announced sales of SelectAccess, OmniRoot and Managed Services, the sale of the PKI business completes Baltimore's disposal programme.
Once done, these transactions, together with the settlement with Clearswift, will have generated total cash proceeds of some £20.9 million since July.
Mr Bijan Khezri, Baltimore's chief executive, said the sale of PKI was necessary as economies of scale continue to driving consolidation in the software industry worldwide.
Mr Khezri said that the cash balance resulting from Baltimore's successful asset disposals effectively puts the future strategic options available to Baltimore Technologies into a new perspective.