Acumentis Group Limited completed the acquisition of Acumentis (SA) Pty Limited AUD 1.75 million.
The shares issued in upfront and deferred consideration will be subject to escrow provisions whereby 100% of the shares are escrowed for 12 months, 75% for 18 months and 50% for 24 months. All shareholders of Acumentis (SA) Pty Limited, will remain as employees of the business during the period till June 30, 2025. The transaction is subject to existing executive shareholders of Acumentis (SA) Pty Limited entering employment contracts with the buyer. Acumentis (SA) Pty Limited reported revenue of AUD 1.427 million and Profit Before Tax of AUD 0.363 million for the year ended June 2021.
Acumentis Group Limited (ASX:ACU) completed the acquisition of Acumentis (SA) Pty Limited AUD 1.75 million on February 10, 2022. On February 10, 2022, Acumentis Group issued 1,463,339 ordinary shares and paid AUD 0.419 million as upfront cash consideration.