BuildData Group AB (OM:BUILD) signed a letter of intent to acquire Edocuments Limited for £3.8 million on October 19, 2022. The initial consideration consists of a cash payment of £2.4 million corresponding to a multiple of 1.2x expected revenues in 2022 and an additional cash payment of up to £1.4 million subject to fulfilment of sales targets over the two following years. The intention is for this transaction to be an asset deal with the acquired assets transferred to a Newco which is yet to be established and will sit within the BuildData Group. The transaction will be financed with existing cash resources of BuildData. Edocuments management team will remain with Edocuments post transaction to drive growth. The transaction is subject to BuildData completing satisfactory due diligence and reaching binding purchase agreements. The transaction is expected to be closed by mid-January 2023.

BuildData Group AB (OM:BUILD) cancelled the acquisition of Edocuments Limited on June 15, 2023.The parties have been unable to agree on the terms of the transaction and the acquisition will therefore not be proceeding.