15th Jul 2019 13:23
(Alliance News) - Maestrano Group PLC on Monday said it has signed a term sheet with an undisclosed company to enter into a period of exclusive negotiation and formal due diligence.
The data management platform operator said this potential acquisition is at an early stage and there is no certainty that a transaction will be concluded.
Back in May, Maestrano closed its US banking customer project and has undertaken a review of its business strategy. Following the review, the AIM-listed company said it is committed to continuing development of its master data management platform but also intends to explore opportunities to acquire complimentary products to accelerate shareholder value.
"Whilst we remain focused on the projects utilizing our existing platform, we have a view that we can assist the scaling of Maestrano by executing carefully selected value-accretive acquisitions where both technology sets are able to be leveraged to deliver new and innovative solutions," said Maestrano Chief Executive Andrew Pearson.
"We believe we have such an opportunity in hand now and will proceed with a thorough diligence process," added Pearson.
Maestrano shares were trading 12% higher on Monday in London at 1.15 pence each.
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MNO.L