6th Mar 2014 12:32
LONDON (Alliance News) - Education software and systems company Tribal Group PLC said Thursday that it had acquired Sky Software Pty Ltd for an initial consideration of AUD4 million.
A further AUD17 million will be payable in deferred consideration depending on Sky Software's future earnings growth.
Sky Software is an Australian cloud-based student management software company. Tribal expects to transaction to be earnings accretive in the year ended December 31, 2014.
Sky Software posted a pretax loss of AUS600,000 in the year ended June 30, 2013. It had a value of gross assets at that time of AUD4.5 million.
Tribal said that Sky Software's product set fits well with its strategy and extends its reach and profile in the Asia Pacific region.
Shares in Tribal were trading up 1.67% at 198.00 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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