African Eagle Resources Share News (AFE)

(ShareCast News) - Software and services company Gresham Computing announced on Tuesday that it has entered into a conditional share purchase agreement with the shareholders of C24, to acquire the entire issued share capital of C24 Technologies for a total consideration of up to £4.55m.The AIM-traded firm said that comprised an initial cash consideration of £3.41m, and a deferred cash consideration of up to £1.14m.Gresham's board said the deferred consideration will be paid in part at the first anniversary of completion - up to £0.76m - and in part following the date falling 18 months from completion - up to a further £0.38m - contingent upon certain transition-related objectives and forecast customer contract renewals being achieved.The board explained that the acquisition has a "compelling strategic and financial rationale", and will accelerate the company's ambition to be a global category leader in enterprise data integrity solutions within financial markets.At the same time, Gresham announced that it proposes to raise approximately £3.32m through a placing of new ordinary shares in the capital of the company as part of the funding of the acquisition, with the balance of the initial consideration to be provided from existing cash resources and the deferred consideration being funded via C24's revenues.The Placing is being conducted by way of an accelerated bookbuild, the board said."C24 Technologies are leaders in standards based financial messaging and integration solutions with a loyal global customer base," said Gresham CEO Ian Manocha."This acquisition supports the group's strategic plan for Clareti-led growth, further builds our recurring revenue base, and will accelerate our innovation agenda."C24 co-founder Stephen Miller said that In Gresham, the company has found a "committed and experienced" partner to support its global customers and realise its future 'C24 Data Platform' vision."Gresham's Clareti platform is regarded as industry leading, and our technology and expertise will further strengthen its position and opportunity in the market."At 0940 BST, shares in Gresham Computing were up 3.74% at 111p.