Tribal Group plc (AIM:TRB) acquired Crimson Consultants Holdings Limited for £10 million on May 10, 2019. The initial consideration for the acquisition is £6 million, with further contingent consideration of £4 million payable in two equal installments at the end of years 1 and 2 respectively. The contingent consideration is based on meeting challenging annual recurring revenue (ARR) growth targets. The consideration will be financed through existing cash resources. For the year ended December 31, 2018, Crimson had revenues of £3 million, operating profits (adjusted EBITDA) of £0.6 million and net assets of approximately £0.3 million. Gary Williams, Operations Director, John Drew, Commercial Director and Lee Parton, Technical Director of Crimson have joined Tribal and will move to Tribal service contracts from the date of acquisition. The acquisition will be earnings accretive in the medium term as Tribal is reinvesting in Crimson to drive increased revenue in markets in the near term. Sara Hale, Andrew Pinder, William Godfrey, and Neil Coleman of Investec Bank plc, and Shaun Dobson of Nplus1 Singer Advisory LLP acted as financial advisors to Tribal Group. Andy Harris, Daniel Bond and Nathan Thomas of BDO LLP acted as financial advisors to Tribal Group plc. Tribal Group plc (AIM:TRB) completed the acquisition of Crimson Consultants Holdings Limited on May 10, 2019.