LONDON (Alliance News) - 365 Agile Group PLC on Tuesday said it has acquired Easytherm Ltd and its intellectual property for GBP2.2 million, increasing its presence in the Internet of Things for the social housing sector.
According to 365 Agile, Easytherm's key technology is a smart internet-based heating and hot water controller.
"The social housing sector is under pressure to reduce operational costs and our range of predictive smart solutions allow organisations to remodel their service delivery in order to streamline processes," Chief Executive Jonathan Holyhead said in a statement.
"By harnessing the data from smart assets and processing it through our smart software platform organisations will be able to predict when service is required and schedule it in a cost-effective and efficient way which will reduce the operational cost of maintenance. The acquisition of Easytherm enhances our IP portfolio, and we look forward to further broadening our range of IoT based solutions," Holyhead said.
365 Agile will pay GBP1.76 million in new shares priced at 82.0 pence each, about GBP150,000 through loan notes issued with a coupon of 5%, and about GBP230,000 in cash.
In addition, the company has agreed to pay off about GBP350,000 owed by Easytherm, with about GBP70,000 to be paid by issuing new shares at the same 82.0p price, GBP170,000 through loan note issuance, and GBP110,000 in cash.
Shares in 365 Agile were untraded on Tuesday morning at 83.0p.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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