24th Nov 2021 19:19
Glantus Holdings PLC - Irish data platform for accounts payable and shared services - Acquires St Albans-based accounts payable audits provider Meridian Cost Benefit for up to GBP3.0 million.
Payment comprises an initial payment of GBP2.1 million in cash, then GBP530,000 nine months after completion and GBP400,000 15 months after completion. The payment is being funded through the company's existing cash resources.
The acquisition will give Glantus a chance to expand its target customer profile and increase its customer base to over 100.
"We welcome the wealth of experience the MCB team brings to Glantus EMEA. As we continue to shift the focus to subscription revenue the acquisition of MCB along with recent acquisitions of JPD and TIC consolidates our position in the AP market. This provides a greater opportunity to deploy our unique AP products driving our subscription revenue," says Chief Executive Officer Maurice Healy.
Current stock price: 84.00 pence
Year-to-date change: down 16% since May 12
By Dayo Laniyan; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
GLAN.L