Advantage Solutions Inc (NASDAQ: ADV) said on Monday that it had sold Strong Analytics, a designer and developer of custom software solutions, to Chicago-based OneSix.
However, the company did not disclose any financial details of the agreement.
Strong Analytics provides a number of data science services mostly to customers within the pharmaceutical, marketing and hospitality industries.
The sale advances Advantage Solutions’ broader growth acceleration initiative, as it seeks to simplify its portfolio.
“As we continue to execute on our strategy to simplify our business, this transaction represents another step in sharpening our focus on our core capabilities,” Advantage Solutions’ CEO Dave Peacock, said in a press release.
“We thank the Strong Analytics team for their contributions and wish them the best in their future endeavors with OneSix.”
Stock Performance
The shares of Advantage Solutions Inc (ADV) closed 0.99% ($0.03) lower at $2.99 on Nasdaq on Monday, as they snapped a three-day streak of gains.
The company’s total market cap now stands at $963.318 million.
The shares of Advantage Solutions Inc (ADV) went up 74.04% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have retreated 17.40% so far this year.
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