Kudelski Group has announced it has pulled out of an agreement to sell its 40% equity stake in iWedia to Zappware Entertainment Group.
In a statement, the Lausanne-based company said certain conditions within the purchase agreement had not been met in time and it had decided to terminate the agreement.
“The Kudelski Group remains committed to iWedia and will continue to work with the other iWedia shareholders to support the company’s business,” the company said.
The agreement was initially announced last July as Kudelski sought to divest itself of non-core assets.
iWedia provides tier 1 software solutions for connected TV devices and Android TV.
