Condat Agreement Signed
Sydney, Dec 18, 2015 AEST (ABN Newswire) - Leading big data solutions company Invigor Group Limited (
ASX:IVO) ("Invigor") advises that the Share Purchase Agreement ("SPA") has now been executed for the acquisition of Condat AG.
Completion is expected to occur before the end of December 2015.
With effective ownership from 1 November 2015, Invigor expects Condat to make a positive contribution towards the 2015 financial year results. Condat has recently been successful in winning several tenders totalling more than $A2.0m in contracted value, including supplying its media solution to a major German broadcaster. Condat has a growing pipeline of opportunities and is currently forecasting approximately $A7.0m in revenue over the next 12 months.
A number of terms in the SPA have been finalised or amended following discussions with the vendor including:
- The escrow period for the shares to be issued at completion will be a fixed 12 month term.
- A top up value mechanism to the purchase price has been included so that if the Invigor share price at the end of the escrow period is below the 8.5 cents issue price, Invigor will issue additional shares or otherwise compensate the vendor where that is not capable of being achieved.
- If the Net Tangible Assets of Condat at 31 December 2015 is negative, then a reduction in the purchase price will be made against the deferred consideration amount by utilising the $800,000 holdback amount available for warranty claims.
About Invigor Group Ltd
Invigor Group (ASX:IVO) uses its complementary suite of big data products to source, aggregate, analyse and publish content for the benefit of businesses and consumers.
Today its interconnected data sets enable enterprise clients including retailers, brands, shopping centres and government bodies to identify and better understand competitors, consumers, markets and demographics while providing the consumer with the best value-for-money.
Using its current products and a pipeline of additional offerings Invigor will have the ability to provide an end-to-end solution spanning sales, product management, business intelligence, marketing, advertising, content creation and distribution, while monetising each step of the process.
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