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Cloud-based IT firm swallowed by Pinnacle Technology
WARRINGTON-based cloud IT company adept4 has been acquired by Pinnacle Technology Group, the AIM-listed of provider of converged technology solutions for £7m.
The deal is for an initial consideration of £4.5m satisfied in cash plus a deferred consideration of £1m in cash, payable in January 2018. A further contingent consideration of up to £1.5m in cash is payable in March 2018, subject to performance criteria for the year to December 31 2017.
The acquisition is part financed through issue of £5m loan notes to the Business Growth Fund with an associated option to subscribe for shares at a price of 6p per share, representing a 43% uplift from the February placing price of 4.2p. Read More