17th Apr 2019 11:07
LONDON (Alliance News) - Learning Technologies Group PLC on Wednesday said it has acquired talent acquisition software Breezy HR for USD12 million in cash.
The digital learning technology provider said the acquisition will be funded from its existing cash resources and back facilities. Furthermore, it will support Learning Technologies' goal of achieving run-rate earnings before interest and taxes of at least GBP55 million by the end of 2021.
In addition to the initial consideration, further performance-based payments, capped at USD18 million, are payable in cash to Breezy management and equity investors based on "ambitious revenue growth targets".
Breezy is a fast-growing talent acquisition software business, providing small to medium sized businesses with user-friendly recruitment software to optimise their recruitment processes and maximise productivity.
In 2018, Breezy reported unaudited revenue of USD3.6 million and Ebit of USD280,000.
Learning Technologies shares were trading up 8.3% at 71.50 pence each Wednesday.
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