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Checkit PLC - Cambridge-based workflow management software provider - Acquires its Florida, US-based sole distributor Tutela Monitoring Systems LLC for upfront total cash of USD850,000. Notes this includes USD250,000 paid at the date of completion. Says Checkit UK Ltd, a subsidiary of Checkit, intends to utilise Tutela, provider of wireless temperature monitoring systems, as a platform to pursue all industries and verticals targeted by Checkit.
"The acquisition serves to accelerate the group's US expansion plans, providing a footprint and an opportunity to add further scale. The directors believe that, based on relative population sizes, the US represents an addressable market around five times larger than the UK, and therefore believe the acquisition represents a significant milestone in its growth strategy," says Checkit.
Additionally, Checkit appoints Kit Kyte as UK chief commercial officer to lead the sales, marketing and commercial operations functions. Kyte was previously with New York-based professional services firm Genpact Ltd. Steve Peck joins as managing director of Checkit Inc, including newly acquired Tutela. He is based in Texas and had been with Oracle NetSuite, part of Oracle Corp.
Current stock price: 50.00 pence
Year-to-date change: down 2.0%
By Zoe Wickens; zoewickens@alliancenews.com
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