CSG said today that a deal had fallen through to sell rights for its education software outside of Australia and New Zealand.
Last month, the company had announced that it intended to sell the international rights to education software specialist Entellect for $9.75 million in the latter company's shares.
Today CSG said that Entellect could not meet the conditions specified for the sale to go through. It did not say what those conditions were.
CEO of CSG Denis Mackenzie had said when he first announced the deal it was a "great transaction" for CSG shareholders, as it would give them "a stake in a business which should be able to fully exploit the IP that CSG has developed, while not distracting CSG's Australian operations from their core focus".
CSG said it was continuing to work with Canadian company Administrative Assistants Limited on alternatives for selling the rights.