(Sharecast News) - Primorus shares surged on Friday, after professional software giant Autodesk announced its intention to acquire its investee Payapps.
The AIM-traded firm said Payapps is a prominent global provider of construction payment and compliance management solutions.
Autodesk said the acquisition was expected to enhance its offerings by providing its customers with advanced technology designed to simplify and expedite construction payment management.
Primorus noted that the proposed acquisition of Payapps by Autodesk had not been completed, and remained contingent on the satisfaction or waiver of various conditions.
Until the proposed acquisition was finalised, Payapps and Autodesk would continue to operate independently as separate entities.
Primorus Investments holds 3,065,068 shares of Payapps, equivalent to 2% of its issued share capital.
At 1534 GMT, shares in Primorus Investments were up 52.89% at 3.98p.
Reporting by Josh White for Sharecast.com.
Primorus Inv. (PRIM)