(Alliance News) - Quartix Technologies PLC on Tuesday said Non-Executive Chair Paul Boughton has resigned from the board, with Founder Andy Walters rejoining the board as his successor.
The Newton, Wales-based vehicle tracking system provider said it will be appropriate to appoint a further independent non-executive director to the board "as soon as practicable". This is due to incoming Walters' significant shareholding in Quartix, the company said.
Quartix said further updates will be made on this and also on the composition of the company's board committees "at the appropriate time".
Walters commented: "I believe that there is significant insight and value I can bring to the company's growth plans. I therefore proposed to the board that I rejoin the Board as non-executive chairman to assist the company in taking advantage of this growth opportunity, which I am delighted that they have accepted."
Chief Executive Officer Richard Lilwall added: "Andy obviously has an unparalleled depth of knowledge on our business and the market and I am excited that he is willing and able to re-join the board to help us further our mission to help businesses save costs and boost efficiencies in their fleet operations - I am very much looking forward to working with him again."
Shares in Quartix last traded at 190.55 pence each in London on Monday afternoon.
Earlier this month, Quartix completed the EUR3.9 million acquisition of Konetik Deutschland GmbH, comprising an initial payment of EUR2.5 million, payable immediately on completion, and deferred consideration of up to EUR1.4 million.
Konetik is the owner and developer of the software utilised in its EVolve electric vehicle product.
The total amount of deferred consideration payable will be based on the number of EVolve subscriptions over the next 24 months, with payments being made every six months, Quartix noted.
By Greg Rosenvinge, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Quartix Tech (QTX)