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(Sharecast News) - Safety and regulatory software and service provider Marlowe has acquired environmental health and safety data platform Cedrec Information Systems, it announced on Wednesday, for an enterprise value of up to £3m.
The AIM-traded firm said Cedred, based in Gateshead and founded in 1994, provides data, information and legislative insights to around 1,000 software-as-a-service (SaaS) customers, to manage their environmental, and health and safety, compliance processes.
In the year ended 30 April 2021, Cedrec generated revenue of £1.3m and adjusted EBITDA of £0.45m.
Net assets on that date totalled £1.2m.
Marlowe said the acquisition consideration consisted of an initial payment of £2.4m, and subsequent deferred consideration of £0.6m, payable after 12 months based on the completion of integration objectives.
The consideration would be settled in cash, and funded from Marlowe's existing cash resources.
"Following the acquisition of Barbour EHS from Informa in July, the addition of Cedrec to Marlowe will deepen Marlowe's EHS Intelligence proposition and further increase the group's SaaS annual recurring revenues," the board said in its statement.
At 1140 BST, shares in Marlowe were down 0.22% at 890p.
Reporting by Josh White at Sharecast.com.
