COSOL Limited (ASX:COS) entered into a binding share purchase agreement to acquire Work Management Solutions for AUD 9 million on June 23, 2022. COSOL will pay AUD 7 million on settlement and further AUD 2 million upon WMS business meeting certain performance hurdles in FY23. Payment of AUD 7 million comprises of AUD 4 million in cash and issue to the Vendors 5,660,378 new fully paid ordinary COSOL shares under agreement which will be subject to voluntary escrow until June 30, 2023. Key employees must remain with business to achieve earnout and remain significant shareholders in COSOL. Funding for acquisition will be from existing COSOL cash reserves and bank debt. Customary conditions precedent exist and we expect to close prior to June 30, 2022. The transaction is expected to complete with three weeks. The transaction is subject to adjustments. Acquisition is immediately EPS accretive.

COSOL Limited (ASX:COS) completed the acquisition of Work Management Solutions for AUD 8.6 million on August 3, 2022. The consideration for the acquisition comprises upfront consideration of AUD 3.67 million in cash.