Judges Scientific plc (AIM:JDG) acquired Korvus Technology Ltd for £3 million on October 19, 2020. The initial consideration, paid in cash at completion, amounts to £2.64 million and the deferred consideration of up to £0.4 million to be satisfied in cash. The level of Earn-out Consideration payable will be based on Korvus' adjusted EBIT in the year to March 31, 2021. An additional payment will be made to reflect any excess cash balances over and above the ongoing requirements of the business. The Board expects such payment to be covered by the cash inherited at the completion date. The consideration has been financed from the Group's £35 million acquisition facility from Lloyds Bank Corporate Markets. Korvus' statutory accounts for the financial year to March 31, 2020 show revenues of £1.42 million and pre-tax profits of £0.74 million. Net tangible assets amounted to £0.68 million, including cash of £0.16 million. Lars and Philippa Allers founders of Korvus will continue in their current roles until March 2021. From April 2021 to March 2025, Allers will act for Korvus as a consultant, predominantly to help with new product development and strategy. The Board expects the acquisition to be immediately earnings enhancing. Stephane Auton, Edward Mansfield and Sarah Mather of Shore Capital acted as financial advisors for Judges Scientific plc. Judges Scientific plc (AIM:JDG) completed the acquisition of Korvus Technology Ltd on October 19, 2020.