Applyflow agreed to sell its Applyflow business to a management buy-out led by CEO Richard Swanton, aligning with its strategic shift towards battery and critical minerals exploration.

Shareholder approval is pending, alongside acquisition approvals for projects in Canada and re-compliance listing on the ASX.

Despite efforts to improve market share in Australia and New Zealand, the business remains cash-negative.

The management buy-out is seen as beneficial for the company and customers, particularly in the challenging climate for technology startups to secure capital.