DeepMatter buys cheminformatics specialist, plans £3m placing

20th Dec 2018 11:30

(Sharecast News) - Digital chemistry outfit DeepMatter has acquired cheminformatics specialist Infochem from global publisher Springer Nature for a total of €2m.DeepMatter will pay a total of €0.36m in cash upfront for the business, with the remainder to be satisfied via the issue of 68.4m new ordinary shares in the AIM-listed firm.Chief executive Mark Warne said: "The acquisition of Infochem will accelerate our strategy, bringing additional expertise, software tools and an existing sales channel, strengthening and accelerating the commercialisation of our platform."Elsewhere, DeepMatter also revealed on Thursday that it intends to raise a minimum of £3m by way of a proposed placing of new ordinary shares at a price of 2.5p each.In terms of trading, DeepMatter said it had "continued to make good progress" since its interim results back in September, initiating its Pioneer Programme by entering into a select number of trial agreements with target users for its DigitalGlassware platform across a range of companies and institutions, allowing observation of technology performance in different operating environments and locations.As of 1130 GMT, DeepMatter shares had picked up 1.75% to 2.90p.