Tern Acquires Cloud Software Firm Flexiant In Shares (ALLISS)

Thu, 26th May 2016 08:23

LONDON (Alliance News) - Cloud and mobile sector investor Tern PLC on Thursday said it has agreed to acquire Flexiant Ltd from Flexiant Corp Ltd.

Under the agreement, Tern will issue 8.0 million shares to Flexiant Corp and, in the event the Flexiant Concerto business is sold for more than GBP6.0 million, Tern will pay another 50% of any consideration received over GBP6.0 million, up to a maximum of GBP2.0 million.

Flexiant is a European cloud management software provider for cloud services.

Tern has owned a 1.0% stake in Flexiant since 2013.

Shares in Tern were down 3.0% to 15.65 pence.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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