discoverIE Group plc (LSE:DSCV) agreed to acquire Magnasphere Corporation for $22 million on December 22, 2022. The purchase price for a cash consideration of $22 million on a debt free, cash free basis. Revenues for the year ended December 31, 2021 were $6.8 million.

The transaction is subject to vendor shareholder approvals are expected to be received during the final quarter of this financial year.