Benchmark Holdings To Acquire Videntis For GBP300,000 In Shares (ALLISS)

LONDON (Alliance News) - Fish breeding and genetics company Benchmark Holdings PLC said Wednesday that it has agreed to acquire Videntis AS for a total of GBP300,000.

Videntis is a data technology company focused on the fishing and agriculture industry. Its technology allows producers to have real-time data and feed back on feed efficiency, welfare and product quality, and is expected to support Benchmark's strategy of using technology and biology to improve yield, quality and profitability for its customers.

The initial payment of GBP150,000 will be satisfied by the issue of 246,700 shares to Videntis, with the further consideration of GBP150,000 in Benchmark shares payable on an earn-out basis from the acquisition's completion to September 2020 if certain profit targets are met.

"We have worked with Videntis for a number of years. Videntis' IP and expertise support our strategy of combining biology and technology to benefit our customers. Data technology is an increasingly important tool to maximise yield and to manage biological challenges. Combined with Benchmark's products it allows us to offer an integrated solution to our clients," said Chief Executive Malcolm Pye.

Shares in Benchmark Holdings were down 1.0% at 59.40 pence on Wednesday.