North East IoT firm Vianet Group has bought the trade and assets of Denver, Colarado-based Beverage Metrics.
The deal is worth an initial £577,500, which will be covered by issuing shares, with up to £4 million to be paid later depending on revenue performance.
The London-listed, Stockton-on-Tees-HQd firm will issue 700,000 shares at 82.5 pence each, a 14.6 per cent premium on Friday’s closing price, to cover the initial consideration. The deferred consideration is 7 per cent of subsidiary Vianet Americas’s net revenue from April 1 2024 to Dec. 31 2028 which will be paid in cash and is capped at GBP4 million.
The group acquired customers, an operating platform, software IP, patents for barcode 3D scanning and advanced technology for point-of-sale data integration from the Denver group, which is a subsidiary of Identec Group And provides inventory software solutions to the U.S. hospitality sector. Beverage Metric’s five employees will be incorporated into Vianet Americas, it said.
“Vianet has had an encouraging start to fiscal 2024 and looks forward to the future with great confidence,” chair James Dickson said, adding that the transaction will boost its presence in the U.S. market.
