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ShareRoot to divest non-core Ludomade business to focus on digital health

Maintaining Ludomade in the ShareRoot group would undoubtedly be a distraction as resources are required to manage the LA-based group.

digital tablet
ShareRoot is planning to become a significant player in the global digital health sector

ShareRoot Ltd (ASX:SRO) is planning to divest its subsidiary, Ludomade, a company that specialises in gaming and promotional app development.

The recent review and restructure of ShareRoot’s operations concluded as one of the recommendations that: “Although the Ludomade brand and core team are highly experienced recognised leaders in the development of gaming and promotional apps for the entertainment and consumer goods sectors, this is considered non-core to ShareRoot’s future strategic direction and should therefore be divested to eliminate distraction and consumption of resources.”

READ: ShareRoot raising funds via entitlement offer to grow digital healthcare business

ShareRoot is now in discussion with a number of parties interested in acquiring Ludomade.

ShareRoot CEO Michelle Gallaher said: “The catalyst in driving the decision to divest Ludomade is in the clear misalignment of Ludomade’s expertise and client focus with ShareRoot’s future in the digital healthcare sector.

“Maintaining Ludomade in the ShareRoot group would undoubtedly be a distraction as resources are required to manage the LA-based group and there is no opportunity to leverage their existing client base as they are not in the health or wellness sector.”

Forward strategy webinar

The company will host the first of a series of regular shareholder and investor webinars on July 11 at 12.30pm, with ShareRoot CEO Michelle Gallaher presenting the path forward for the company.

ShareRoot is currently undertaking a rights Issue and the webinar will enable shareholders to hear the company’s story, forward strategy and the goals that mark the pathway to becoming a significant presence in the rapidly expanding global digital health sector.

Register for the webinar by clicking this link.

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