Kin and Carta expands geographic reach and offering with three acquisitions

22nd Feb 2022 08:09

(Sharecast News) - Digital transformation consultancy Kin & Carta said on Tuesday that it had expanded its European nearshore software delivery, e-commerce and artificial intelligence capabilities via a series of acquisitions.

Kin & Carta said it had agreed to acquire digital transformation consulting firm Melon Group, which has a presence in Bulgaria, North Macedonia and Kosovo, a further 50% stake in Loop Integration and the entirety of AI platform Octain.

The London-listed group said it had expanded its geographic reach and enhanced its DX capabilities as a result of the acquisition, of which the total consideration payable for the assets will be capped at £30.4m and total initial consideration payments were estimated to be around £20.1m plus customary adjustments for cash, debt and working capital.

Kin & Carta, which expects the acquisitions to be accretive to adjusted earnings per share in the first full year of ownership, noted that all three of the acquisitions had been or will be funded through cash on hand and drawdowns on its revolving credit facility, as well as the issue of new ordinary shares in the company.

As of 0945 GMT, Kin & Carta shares were up 1.26% at 242.0p.