26th Feb 2015 10:43
LONDON (Alliance News) - Software and consulting services company First Derivatives PLC on Thursday said it has struck a deal to acquire US-based analytics provider Prelytix Inc in cash and shares.
First Derivatives will pay an initial consideration of USD7.5 million to acquire the company, with the maximum value of the deal at USD20 million.
It will pay USD6 million of the initial consideration in cash and USD1.5 million via the issue of 74,572 new First Derivatives shares. That would value the shares about 1,295 pence per share.
Shares in First Derivatives were up 0.2% to 1,290.00 pence on Thursday.
The potential deferred consideration of USD12.5 million will be payable dependent on revenue targets being met in the period to February 28, 2018.
"This acquisition creates a unique end to end technology marketing firm with industry leaders at the helm backed by a software platform and a team of data scientists. This offers the potential to generate significant revenues for the company," said First Derivatives Chief Executive Brian Conlon.
By Sam Unsted; [email protected]; @SamUAtAlliance
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