Primorus Investments PLC - London-based investor specialising in small and mid-cap companies and assets - Announces the signing of a definitive agreement for the acquisition of Payapps Ltd by San Francisco-based software multinational Autodesk Inc. Primorus holds a roughly 2% stake in Payapps, a Melbourne-based provider of payment and compliance management solutions for the construction sector. The acquisition's consideration has not been revealed by Primorus.
According to Primorus, Autodesk customers will benefit from "leveraging technology that eases the burden of construction payment management in a process that is simpler, faster, and more efficient for all construction project stakeholders". Completion of the acquisition is subject to certain regulatory conditions, Primorus said, and the two companies will continue to operate as separate entities until these have been satisfied or waived.
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By Hugh Cameron, Alliance News reporter
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Primorus Inv. (PRIM)