Saunders International Limited (ASX:SND) agreed to acquire Automation IT Pty Ltd for AUD 5.5 million on May 9, 2023. Under the terms, Saunders International will pay the initial instalment of AUD 4.4 million, of which AUD 3 million will be paid in cash and AUD 1.4 million in equity. Saunders International will also pay a final instalment of maximum of AUD 1.1 million, payable in cash (AUD 0.825 million) and equity (AUD 0.275 million). Based on the total maximum price of AUD 5.5 million, the consideration will be cash (70%) and equity (30%). The acquisition is funded from Saunders' cash reserves and from the issue of new SND shares. Automation IT's existing Directors, Geoff Bladon and Anthony Templeton, have committed to continuing their roles in the combined Saunders/Automation IT business. Automation IT’s management team will continue in their roles post-completion. Automation IT will continue to deliver engineering solutions (consulting, projects and support services) to its existing clients as part of Saunders. Anticipated that the acquisition will be earnings per share (EPS) accretive in FY2024, with a small positive impact to EPS in the current FY2023 period.

Saunders International Limited (ASX:SND) agreed to acquire Automation IT Pty Ltd on June 15, 2023. Completion of the acquisition follows the satisfaction of conditions precedent and other completion requirements. These requirements included change of control consents.