21st Jan 2020 12:33
(Alliance News) - Pennant International Group PLC on Tuesday said it has acquired Australian software firm Absolute Data Group Pty Ltd for up to AUD6.5 million, or around GBP3.4 million.
The technical training equipment firm said that the payment is subject to adjustment on completion for cash, working capital and debt. Pennant said half of the price will be payable upfront with AUD325,000 to be settled by the issue of Pennant shares, and the remainder in cash.
The remaining 50% will be payable in the five years following completion of the acquisition, in cash instalments of 10% annually subject to financial performance.
Pennant said Absolute Data Group - which owns the 'R4i' suite of technical documentation software - made a pretax profit of AUD890,000 in its financial year ended June 30, 2019.
R4i provides its users with S1000D-compliant tools needed to create, manage and leverage information.
Pennant shares were up 4.1% at 89.00 pence each on Tuesday afternoon in London.
By Ife Taiwo; [email protected]
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