IRIS Business Services Limited has informed the Exchange about Completion of Transfer of GST ASP Services Business to IRIS Logix Solutions Private Limited.
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IRIS Business Services has completed the transfer of its GST Application Service Provider (ASP) Services Business to its subsidiary, IRIS Logix Solutions Private Limited, effective August 1, 2025. The transfer was done as a going concern on a slump sale basis for a consideration of ₹1,405.7 million (approximately ₹140.57 crore). This move is part of a larger composite transaction with UK-based Sovos Compliance Limited, which involved acquiring the remaining 48.99% stake in IRIS Logix from a minority JV partner, transferring a 5% equity stake in IRIS Logix to Sovos, and securing investment from Sovos through compulsorily convertible debentures. Shareholders had approved the transaction on July 26, 2025, with the original Business Transfer Agreement signed on July 2, 2025.
The company divests a significant business vertical but unlocks ₹1,405.7 million in cash and brings global compliance player Sovos as a strategic partner in IRIS Logix, potentially strengthening long-term positioning. Shareholders may react neutrally to positively as the deal provides clarity on the restructuring and brings in a reputed international partner, though the loss of GST ASP revenue from the parent will change the revenue mix going forward.