Sutton Coldfield based technology firm 365 Agile has decided to close its Internet of Things (IoT) business, Wireless Things.
The board of the AIM-listed company had examined whether the stream of licence revenue from its 365Agile software would be sufficient to fund the development of its Wireless Things division into a “meaningful” IoT business and a core operation for the group.
No, was the short answer, or in more detail: “based on its assessment to date the board does not believe this to be the case”, meaning a “provisional decision” has been taken to close the business and begin redundancy consultations with staff of the Nottingham-based unit.
365Agile has now begun a consultation period with staff in Nottingham.
Prior to the confirmation of the closure, a company statement said: “The company continues to own the IP to the 365Agile suite of software solutions, however, should the consultation process result in the closure of the Nottingham office and employee redundancies, 365Agile will become an AIM Rule 15 cash shell funded by the ongoing payments it receives from the licence agreement.
It is unclear how many employees will be affected by the closure.
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