IN BRIEF: Pebble Group Buys US Software Developer CoreXpand

Pebble Group PLC - Manchester-based technology and services for promotional products industry - Acquires US software developer CoreXpand LLC for USD5.3 million in cash. Plans to add Norcross, Georgia-based CoreXpand to its Facilisgroup business, allowing Facilisgroup to expand the services offered on its e-commerce platform. Says acquisition will be funded through cash flow generated by Facilisgroup, with USD1.8 million of the purchase price deferred over the next 18 months. An additional USD2.0 million in in-house development time will be capitalised in 2021 to work on the acquired assets. Says the resulting offering is expected to begin generating revenue by the end of the first half of 2021, with a full suite of product capabilities in market by the first half of 2022.

Pebble also says the overall group continues to trade positively and in line with market expectations for 2021.

Current stock price: 111.85 pence, up 1.7% Friday

Year-to-date change: down 20%

By Tom Waite; thomaslwaite@alliancenews.com

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