Spirit Technology Solutions Ltd (ASX:ST1) agreed to acquire InfoSurety Pty Ltd for AUD 38.55 million on February 6, 2024. The consideration consists of AUD 14 million to be paid in cash. Spirit Technology Solutions Ltd will issue 304.3 million shares as part of consideration and AUD 6.6 million is deferred consideration to be paid in cash.

The acquisition will be funded by a placement to 263 Finance Pty Ltd to raise AUD 16 million. As a result of this transaction, InfoTrust CEO Simon Mckay will join Spirit's board as an executive director and Dane Meah, Infotrust co-founder and CEO of key vendor partner, MyCISO will also join Spirit's board.