Wetherby software firm Proactis pulls plug on sale process

The listed firm, which provides spend management solutions, began a formal sale process in July last year to explore a number of approaches and expressions of interest.

Proactis said it had run a comprehensive process to assess the credibility of interested parties and their ability to deliver an offer or strategic outcome that could be recommended to its shareholders.

The company added that this has not led to any firm proposals being received and it is unlikely that prolonging the sale process would deliver a proposal that the firm's board would be willing to recommend to shareholders.

Tim Sykes, CEO of Proactis, said: "We believe we have come to the right conclusion for our shareholders as a whole, considering the clear progress that has been made in the business and the opportunities that we have ahead of us.

"The business strategy that we have established is being implemented and is delivering encouraging early indicators.

"As communicated within our recent trading update, we have delivered a significant improvement in new business and dramatically improved retention rates and we expect a return to revenue growth in the second half of this financial year.

"Our progress in the short-term has been encouraging and we are confident that the long-term prospects are significant."