StoneCo Ltd (STNE) Announced Divestment of its Software Segment

StoneCo Ltd. (NASDAQ:STNE) is one of the Best Performing Tech Stocks According to Hedge FundsOn July 22, StoneCo Ltd. (NASDAQ:STNE) announced its divestment plan through which it will sell most of its software segment, including Linx and other related assets, to TOTVS for R$3.41 billion.

The assets included in the announcement account for almost 79% of the segment’s 2024 revenue. While this deal is subject to regulatory approvals, the company has completed the sale of its veterinary software SimplesVet to PetLove for R$140 million. After the sales of these assets, the company will retain a few software businesses which it plans to sell in the future. Management noted that this is a strategic move to focus more on its core business. The company noted that the utilization plan for the proceeds would be announced after the deals close.

StoneCo Ltd (STNE) Announced Divestment of its Software Segment

A team of software engineers in a digital workspace collaborating on a financial technology software solution.

StoneCo Ltd. (NASDAQ:STNE) is a financial technology company that provides cloud-based payment and software solutions.

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Disclosure: None. This article is originally published at Insider Monkey.