Spenda Divests Ledger Platform for $1.8M Delivering $2.7M Annual Savings
Spenda divests Ledger platform to APG for $1.8 million in strategic reset
Spenda Limited (ASX: SPX) has entered into a binding agreement to divest its Spenda Ledger technology platform to APG Pay Pty Ltd for $1.8 million (Inc GST). The transaction delivers ongoing operational savings of $2.7 million per annum, representing a 45% further cost reduction to the company’s operating base. Completion is expected on 11 May 2026.
The divestment marks the final step in a five-month strategic reset programme that has simplified operations, materially reduced costs, and refocused the business on scaling its three core products — Spenda Pay, Spenda Retail, and Spenda Ledger — all of which are live and generating revenue. The transaction includes a four-year licence agreement, enabling Spenda to retain all existing Ledger customers and continue accessing the platform’s functionality whilst transferring operational costs and infrastructure responsibilities to APG.
Under the licence arrangement, Spenda will pay APG a processing fee of 0.10% on the value of each payment processed through the platform. This structure allows the company to monetise its investment in the Ledger platform whilst maintaining commercial access and removing the complexity of ongoing platform maintenance and development costs.
When big ASX news breaks, our subscribers know first
How platform divestments create value for ASX small caps
A platform divestment with retained licensing represents a distinct value realisation strategy for ASX-listed technology companies managing multiple products under capital constraints. Rather than selling an asset outright and exiting the business line entirely, the structure allows a company to transfer ownership and operational burden whilst maintaining commercial access and customer relationships.
In Spenda’s case, the Ledger platform required ongoing investment across infrastructure, product development, and specialist personnel. By divesting the platform to APG — whose product roadmap directly incorporates the future development of Ledger — those responsibilities now transfer to an owner aligned with the platform’s long-term direction and positioned to support its continued evolution.
Spenda retains all existing Ledger customers and continues generating revenue from those relationships. The company accesses future platform upgrades and development through the licence agreement without carrying the underlying cost base. This approach de-risks the operational structure whilst preserving revenue streams, creating a more efficient capital allocation model for the business.
The transaction removes approximately $225,000 per month (~$2.7 million annualised) in staff-related costs associated with platform operations. This represents a net improvement to Spenda’s operating position, given the recurring revenue loss of approximately $40,000 per month from APG is materially offset by the cost reductions achieved.
$7 million in annualised savings reshape Spenda’s cost structure
This divestment completes a broader restructuring programme implemented over the past five months. Combined with earlier cost reductions, the company has now delivered approximately $7 million in annualised savings, materially improving Spenda’s pathway toward profitability.
The restructuring has included product simplification, resource reallocation toward sales and growth functions, and leadership changes designed to support commercial execution. CTO Andy Britz and CEO Corrie Hassan are stepping down from their roles, with the Ledger platform team transitioning to APG as part of the transaction. Executive Chairman Karim Razak has moved into an expanded operational leadership role, whilst David Wood continues leading the company’s technology and product capability.
| Metric | Value |
|---|---|
| Transaction proceeds | $1.8M |
| Annual cost savings (Ledger) | $2.7M |
| Total annualised savings (5-month programme) | ~$7M |
| Recurring revenue reduction (APG) | ~$40,000/month |
Leadership focused on commercial execution
The leadership transition reflects a shift in business priorities from stabilisation to sales growth and commercial scale. The changes include:
- Corrie Hassan (CEO) stepping down after completing the consolidation phase
- Andy Britz (CTO) transitioning out with the Ledger team to APG
- Karim Razak continuing as Executive Chairman with expanded operational responsibilities
- David Wood continuing to lead the company’s technology and product capability
The restructured executive team is now focused on scaling revenue from products already in market, with capital and resources directed toward sales execution rather than competing development priorities.
Core products scaling with active revenue generation
Following the strategic reset, Spenda’s three core products — Spenda Pay, Spenda Retail, and Spenda Ledger — are all transacting and generating revenue under a simplified operational structure.
Spenda Pay momentum
Spenda Pay has demonstrated commercial traction across multiple revenue streams:
- 160+ active users transacting on the platform
- Revenue generated through subscriptions, payments, and rewards
- Partner ecosystem opportunity of approximately $1.5 million per month
- Broader SME expansion opportunity estimated at $246 million annualised
Usage is active, with customers utilising the platform to manage invoices, payments, and cash flow across day-to-day operations.
Spenda Retail rollout at Carpet Court
Spenda Retail is actively rolling out within Carpet Court, with 5 stores currently onboarding. The platform embeds into quoting, job management, invoicing, and payments workflows, generating both SaaS and transaction-based revenue.
The rollout is progressing as an active commercial deployment — not a pilot — with a growing sales pipeline advancing through structured implementation. The platform is live in operating environments and being driven through direct sales engagement, conference activation, and dedicated sales tools and landing pages. This demonstrates commercial traction in a replicable vertical, creating a pathway to scale across similar industries.
The next major ASX story will hit our subscribers first
Strengthened financial position supports growth phase
Following completion of the transaction, Spenda is operating from a materially improved financial position. The combination of cash proceeds from the divestment, a significantly reduced cost base, and increasing revenue from active products has strengthened the company’s operating structure and capital position.
Karim Razak, Executive Chairman
“We have simplified the business, reduced costs, and shifted our focus toward products that are already generating revenue and showing growth.”
The smaller, leaner structure has improved execution speed across the business. With fewer competing priorities, the company is directing capital toward revenue-generating activity rather than maintaining multiple development tracks. This focus has already translated into increased payment volumes, stronger product adoption, and customers actively transacting on the platform.
The strategic reset positions Spenda on a clearer pathway toward profitability. The company retains all core product lines whilst operating under a materially more efficient cost structure, with products already live and generating commercial traction in their respective markets.
Want the Next Tech Turnaround in Your Inbox?
Join 20,000+ investors receiving FREE ASX tech news within minutes of release, complete with in-depth analysis. Click the “Free Alerts” button at Big News Blast to get breaking announcements and expert coverage delivered straight to your inbox the moment market-moving news breaks.