Embattled e-commerce software business Powa Technologies has sold two of its divisions as it seeks to save jobs after entering administration in February.
Deloitte, which was appointed as administrator of the London-listed company last month, confirmed Powa sold its PowaTag business to a consortium led by Ben White and the PowaWeb business has been sold to Warren Cowan and the team at digital business group Greenlight Digital and Andy Muldoon will retain his role in heading up the PowaWeb team.
"Given the precarious financial position of the business, we have had to run an accelerated and focused M&A process, quickly zeroing in on the key likely purchasers after our recent appointment," said joint administrator Rob Harding.
"We are delighted to have secured a sale for the business preserving a significant number of jobs and wish Ben White, Greenlight Digital and the respective management teams every success in taking the businesses forward."
Harding added the sale will preserve 69 jobs, after Powa Technologies announced 72 of its 144 UK-based employees were made redundant on 23 February.
Warren Cowan, co-founder and chief executive of Greenlight, said the acquisition of PowaWeb was a very important step for the company.
"Under Greenlight, PowaWeb will be able to thrive and achieve its full potential as a fantastically nimble and powerful ecommerce platform," he said. "As a full service digital marketing company with the skills and technology required to help brands and retailers drive growth online, Greenlight is the perfect home for PowaWeb and supports our build, market and measure ethos."
On 19 February, Companies House said the company had just more than £175,000 (€226,200, $246,000) available in its bank account with debts totalling £11.5m, despite having raised approximately £122m, and was forced to enter administration putting the jobs of its 300 worldwide employees at risk.
That followed a report from the Financial Times, released on 17 February, which alleged the company, that was originally valued at £1.8bn, had failed to meet payments deadline for staff and contractors in January.