Financial and transport applications specialists K3 Software Services Ltd, which was formed in 1977 as a joint venture between Kalamazoo Plc and the joint K3 managing directors, is to go in a management buyout: the Birmingham based group has agreed to sell all its ordinary shares – reckoned to be 60% of the company – to newly-formed Granton Ltd, a company promoted by the joint managing directors of K3, for UKP400,000 in cash payable on completion; the deal also provides for a dividend of UKP375,000 to be paid to Kalamazoo on completion; K3 Software turned in UKP213,000 pre-tax profit for the year to July 1987.
