20th Oct 2021 18:16
Marlowe PLC - London-based safety and regulatory compliance services and software - Says it has entered into an agreement to acquire eLearning software provider Riskwize Ltd and its subsidiary EssentialSkillz Ltd for GBP25 million. In addition, Marlowe proposed share placing to fund the acquisition and further near-term accretive bolt-on acquisitions.
Marlowe, separately, says it raises GBP50 million before expenses from oversubscribed placing of 5.5 million shares at 907 pence. Cenkos and Berenberg were lead bookrunners, with Stifel as bookrunner. Marlowe Chief Financial Officer Adam Councell buys 16,538 shares in the placing.
Chief Executive Officer Alex Dacre says: "This acquisition of EssentialSkillz is the next step in our strategy to become the compliance software market leader. EssentialSkillz is a leading compliance SaaS and eLearning business of scale and its merger with our new WorkNest platform further strengthens our one-stop-shop regulatory compliance offering for our clients. The proposed fundraise will also provide Marlowe with additional funding for near-term accretive bolt-on M&A, in line with our strategy to deepen and broaden our activities to address more and more of our customers' safety and regulatory compliance needs."
Current stock price: 914.00 pence
Year-to-date change: up 39%
By Arvind Bhunjun; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Marlowe