IXUP Limited (ASX:IXU) entered into an agreement to acquire Datapowa Limited from Michael Flynn, Ian Penrose, Amanda Collins and others for AUD 16.1 million on May 19, 2021. The consideration is paid on a cash-free, debt-free basis. On completion of the acquisition, IXUP will make a cash payment to the Vendors of AUD 3.25 million and will issue to the Vendors a total of 47,872,340 new fully paid ordinary shares. IXUP will utilize its existing cash reserves to pay the cash consideration. Subject to the future performance of DataPOWA’s business, the Vendors will, in addition, be entitled to further benefits in the form of two instalments of deferred consideration, the maximum value of the deferred consideration is AUD 4.25 million, to be issued in the form of new fully paid ordinary shares in IXUP. Two tranches - each qualifying for a total of AUD 1.875 million in shares: Tranche 1: £549,000 (approx. AUD 1,000,000) revenue in 12 months to February 28, 2022, Tranche 2: £2,000,000 (approx. AUD 3,650,000) revenue in 12 months to February 28, 2023. Payments for each tranche pro-rated in event revenue does not meet milestone- additional AUD 500,000 bonus share payment should the tranche 2 milestone be met, structure ensures strong alignment between IXUP and DataPOWA and mitigates risks. As of June 25, 2021, minor changes have now been agreed to the deferred consideration provisions in the share purchase agreement (“SPA”) by which the IXUP Limited will acquire all of the shares in DataPOWA. The changes effected by way of a binding letter agreement amending the SPA, have the effect of; aligning the SPA deferred consideration milestone dates with the end of IXUP’s statutory reporting periods in each of FY2022 and FY2023 (also enabling an assessment of the satisfaction of the associated milestones to be made in the context of IXUP’s year-end audit process, with independent audit sign-off); and creating a longer period until the IXUP may be obliged to make deferred consideration payments under the SPA. The IXUP is pleased to announce that the only remaining condition to be satisfied in that regard is IXUP shareholder approval, with the relevant Notice of Meeting and Explanatory Memorandum convening the shareholder meeting in the process of being finalized for printing and dispatch to shareholders. The acquisition will be subject to IXUP shareholder approval. As of July 30, 2021 the transaction was approved by acquirer shareholders. The transaction is expected to generate several operational synergies. Matt Davey of Tekkorp Digital Acquisition Corp introduced DataPOWA opportunity to IXUP. The transaction is expected to close on August 2, 2021. IXUP Limited (ASX:IXU) completed the acquisition of DataPOWA Limited on August 3, 2021.