Imdex Limited (ASX:IMD) signed an asset purchase agreement to acquire MinePortal software from DataCloud International Inc. on September 10, 2021. Following completion, IMDEX will acquire the assets and intellectual property relating to MinePortal and associated software for a total of AUD 20 million comprising of an initial cash payment of AUD 8 million and the balance of the transaction is payable by the issue of IMDEX's shares over a three-year period. On first anniversary of completion, 1.6 million share will be paid, on second anniversary of completion, 1.6 million shared will be paid and on third anniversary of completion, 2.1 million shares will be paid. The third tranche is applicable if revenue from the DataCloud assets achieves the target agreed between the parties by the third anniversary of completion. If this revenue target is not achieved no shares will be issued in the third tranche. The cash portion will be funded from existing IMDEX resources. Key personnel will transition to IMDEX complementing its existing presence in California. The asset purchase agreement is subject to certain completion conditions including a final vote of DataCloud's shareholders to approve the transaction. It is expected to close by the end of September 2021. A AUD 2 million net outflow is anticipated during FY22 and the acquisition is expected to be EPS accretive by FY24.
Imdex Limited (ASX:IMD) completed the acquisition of MinePortal Software of DataCloud International Inc from DataCloud International Inc. on September 17, 2021.