(Alliance News) - Grafenia PLC on Friday said it has acquired Topfloor Systems Ltd, a Dublin-based company, for EUR6.2 million in cash.
Grafenia is a Manchester, England-based group that builds software-as-a-service systems for businesses, while Topfloor is a provider of property management software services.
The initial consideration paid at completion was EUR3.8 million, with deferred consideration of EUR960,000 to be paid on the first anniversary of completion. Up to a further EUR1.4 million is due upon achievement of agreed targets relating to the financial performance of Topfloor.
Chief Executive Officer Niall Wrafter and Chief Technology Officer Cathal Browne will remain with the business, while founding shareholder George Murphy will leave.
"We're delighted to announce our fourth acquisition of the financial year, adding Topfloor to the growing stable of vertical market software businesses in Grafenia's portfolio. Meeting our acquisition criteria extremely well, Topfloor is a great example of the kind of business our software circle team are actively searching for," said Gavin Cockerill, acting CEO of Grafenia.
Grafenia shares were trading 2.9% higher at 9.00 pence each in London on Friday afternoon.
By Holly Beveridge; Alliance News reporter
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