Idox pays third earn-out for Aligned Assets acquisition

13th Jun 2023 14:08

(Sharecast News) - Information management software specialist Idox announced the issue of 814,336 new shares on Tuesday, as part payment of the third earn-out consideration in relation to its acquisition of Aligned Assets.

The AIM-traded firm first announced the acquisition of Aligned Assets on 7 June 2021.

It said the completion of the third earn-out, scheduled for 14 June, would involve a payment comprising £0.5m in cash and the 814,336 new shares.

The earn-out arrangement was contingent on the provision of specific product deliverables during the 18 months after the acquisition.

Idox said the total consideration for the acquisition of Aligned Assets amounted to £10.5m, with £7.5m paid in cash at the time of the deal in June 2021.

"The total earn-out consideration for the acquisition comprised a payment of £1.5m in cash, and 2,443,000 in shares, payable over a 24-month period," the board said in its statement.

"These amounts will complete the full consideration for the acquisition."

At 1343 BST, shares in Idox were down 0.29% at 68.8p.

Reporting by Josh White for Sharecast.com.