(Alliance News) - Quartix Technologies PLC on Friday said it has completed the acquisition of Konetik Deutschland GmbH.
Quartix explained that Konetik is the owner and developer of the software utilised in its EVolve electric vehicle product
The Newton, Wales-based vehicle tracking system provider said the total payment will be EUR3.9 million. This comprises an initial payment of EUR2.5 million, payable immediately on completion, and deferred consideration of up to EUR1.4 million.
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.
Chief Executive Richard Lilwall said: "We are incredibly pleased to have acquired the underlying technology to EVolve, a SaaS product which provides the business with additional recurring revenue and enables our customer base to make the necessary transition towards more sustainable fleet operations.
"The acquisition will allow us to bring our excellent relationship with Konetik in house, enabling increased efficiencies in developing the product going forward as more operators address the challenges and opportunities of electrifying their fleets."
Shares in Quartix Technologies were down 3.3% to 203.00 pence each in London on Friday around midday.
By Sophie Rose, Alliance News reporter
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Quartix Tech (QTX)