16th Jul 2021 13:23
Glantus Holdings PLC - Dublin, Ireland-based provider of automation and analytics solutions - Buys software provider Technology Insight Corporation for up to USD9.3 million. The deal comprises an upfront cash payment of USD7.8 million, USD400,000 six months after completion and USD100,000 twelve months after completion. The purchase of Boston, Massachusetts-based Tech Insight is a major expansion of Glantus' presence in the US.
"This is the first acquisition of many that we will undertake following our successful IPO," comments Chief Executive Maurice Healy.
"Our goal is to become a leader in AP technology through a mix of strong organic growth and acquisition, and the addition of TIC is another key step in that exciting process."
The acquisition is being funded through a combination of the company's existing cash reserves and a new EUR5.0 million loan facility.
Glantus raised GBP14 million when it floated back in May, with a market capitalisation of GBP37.0 million on admission.
Current London stock price: 85.75 pence, up 8.5%
Year-to-date change: down 14% since May IPO
By Will Paige; [email protected]
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