Megaport Limited (ASX:MP1) entered into a stock purchase agreement to acquire InnovoEdge, Inc. for AUD 15 million on August 10, 2021. Under the terms, Megaport has agreed to pay up to $7.5 million in cash consideration and up to $7.5 million worth of ordinary shares in Megaport Limited . The equity consideration will, subject to the achievement of specified 1 product development and revenue milestones, be issued in three tranches over a period of three years following completion.

The transaction is subject to customary conditions precedent and is anticipated to complete in mid-August 2021.