Another aquisition ;-)21 Oct 2010 09:42
(RTTNews) - Thursday, Digital Barriers Plc (DGB.L: News ) announced the acquisition of Waterfall Solutions Ltd. for a maximum consideration of GBP 5.5 million in cash and loan notes.
Digital Barriers noted that initial consideration of GBP 3.9 million is payable in cash on completion and will be satisfied from its existing cash reserves.
Deferred consideration of up to GBP 0.85 million is payable in cash and loan notes on the completion of Waterfall's current financial year, ending on 30 September 2011, subject to the satisfaction of certain performance conditions and the continued employment of key management.
An additional GBP 0.75 million of deferred consideration is payable in cash and loan notes on completion of the subsequent financial year, ending on 30 September 2012, subject to the satisfaction of certain performance conditions.
The founder, managing director and majority shareholder of Waterfall will remain with the business as managing director, and the current management team will also remain in place, Digital Barriers noted.
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