Iris Business Services Limited — Important, 02-07-2025: General Updates

IRIS Business Services has announced a board meeting on the sale of its GST Application Service Provider (ASP) business and 100% stake in subsidiary IRIS Logix to Sovos Compliance Limited for Rs. 151.24 Cr. The company will first acquire the remaining 48.99% stake in IRIS Logix to make it a wholly owned subsidiary, then transfer 5% stake to Sovos, followed by a capital infusion by Sovos into IRIS Logix and transfer of the GST ASP business to IRIS Logix at Rs. 140.57 Cr. The remaining stake will then be sold to Sovos for Rs. 10.67 Cr. This strategy consolidates their GST services under one entity and monetizes the business to focus on high-growth Suptech and Regtech areas.