Adisyn Ltd (ASX:AI1) signed a binding agreement to acquire VMware cloud platform assets of Zettagrid Pty Ltd for AUD 1.4 million on May 1, 2024. The consideration comprises of AUD 0.85 million of upfront cash payment which will be payable on the settlement date which the parties anticipate to be May 1, 2024 and the remaining AUD 0.55 million which will be payable 9 months from the settlement date. Under the terms of the agreement, Adisyn will transfer to Zettagrid all customer agreements and contracts. Adisyn and Zettagrid have also agreed to novate across all supplier agreements and equipment leases which are required for the operation of the VMware Cloud Assets. Under the terms of the agreement Adisyn has agreed to provide Zettagrid with, at no additional
charge, ongoing support under a separate Managed Services Agreement to assist with the novation of VMware customer agreements and supplier contracts, as well as hardware administration, software administration and service provisioning relating to the agreement, and which is due performance by Adisyn prior to the completion date. The agreement is subject to satisfaction or waiver of conditions precedent, including the parties obtaining, where applicable, all third party consents and approvals that may be required to complete the proposed transaction, and other conditions precedent considered standard for a transaction of this nature. The transaction is expected to complete 9 months from May 1, 2024. The consideration received by Adisyn will be used towards further implementing the Adisyn?s growth strategy and towards its existing operations.