23rd Sep 2019 14:26
(Alliance News) - Maestrano Group PLC said Monday it has agreed to acquire engineering surveying services provider Airsight Holdings Pty Ltd for GBP1.2 million in shares.
The data analytics firm will issue up to 73.4 million shares for the acquisition, with 66.0 million shares issued on completion of the acquisition, and a further 7.3 million shares at the end of September 2020, calculated against a revenue target of AUD1.5 million, or around GBP818,000, from Airsight product Corridor.ai for the year ending June 30, 2020.
The total consideration is based on Maestrano's closing price on Friday at 1.65 pence. Shares in Maestrano were up 3.0% at 1.70p in London on Monday.
The acquisition is conditional on gaining shareholder approval for the issue of shares.
Airsight's software platform Corridor.ai is expected to provide Maestrano with an additional vertical market, and in turn will provide the platform with new and improved services and applications.
"We have identified a value-accretive acquisition where both technology sets and teams are able to be leveraged to deliver new and innovative solutions. Allied Market Research in June 2017 reported that the global railway management system market was valued at USD29 billion and is expected to reach USD83 billion by 2023. We believe there is substantial demand for the Corridor.ai product suite," said Maestrano Chief Executive Officer Andrew Pearson.
By Dayo Laniyan; [email protected]
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