Alphawave IP Group plc (LSE:AWE) agreed to acquire Precise-ITC, Inc. for $25 million on December 2, 2021. Under the terms, The cash consideration of $25 million payable by Alphawave is based on achievement of certain performance milestones, plus customary stock-based retention incentives for the Precise-ITC team. The acquisition of Precise-ITC will result in the addition of a team of leading engineers to Alphawave IP.

The transaction is expected to close in January 2022 and will contribute revenue in 2022.