(Sharecast News) - Technology-enabled services group Panoply Holdings acquired healthcare-focused digital transformation consultancy Difrent on Tuesday for an initial consideration of £8.8m.
Panoply will pay £4.0m in cash for the Newcastle-based company, funded through an extension of the firm's existing revolving facility with HSBC, with a further £4.8m to be satisfied via the issue of ordinary shares in the group to Difrent's current owners.
The AIM-listed group stated the acquisition would be profitable and immediately earnings enhancing, with Difrent most recently reporting full-year underlying earnings of £900,000 on revenues of £7.4m.
Chief executive Neal Gandhi said: "This acquisition is immediately earnings-enhancing for the group, and clear evidence of our continued momentum against our three-year commercial vision.
"As a disruptive, purposeful and forward-thinking company, the Difrent acquisition perfectly complements our strategy of acquiring best-in-class in companies who share the values and deep sense of purpose that runs through the group."
As of 0930 BST, Panoply shares were down 0.77% at 129.0p.
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