28th Apr 2016 09:42
LONDON (Alliance News) - Technology and intellectual property services company Tekcapital PLC Thursday said it has acquired some assets and the business of Ohio-based technology and IT recruitment firm Vortechs Group.
It will pay for the acquisition by issuing 577,868 shares to Vortechs Group at an issue price of 47.5 pence, as well as USD100,000 in cash. Shares in Tekcapital last closed at 46.00 pence.
Vortechs reported a pretax loss of USD3,000 in 2015 on revenue of USD351,000.
Under the structure of the deal Tekcapital will acquire Voretech's intellectual capital assets like its websites, software, intellectual property, and others, but will not acquire the Vortechs Group corporate entity, nor will it acquire or assume Vortechs Group's liabilities.
For operating the business on behalf of Tekcapital, Tekcapital will pay Vortechs Group a management and service fee based on the level of revenue achieved for a minimum of five years.
"We are very pleased to announce the acquisition of the Vortechs Group assets and business. The Directors believe that this acquisition will provide an additional valuable and synergistic service for our clients," said Executive Chairman Clifford Gross in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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