Business
Trading Update and Bolt-on Acquisitions
Trading Update and Bolt-on Acquisitions.
About this update from Getbusy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4504P\n GetBusy PLC\n 19 October 2021\n \n \n \n \n 19 October 2021\n \n \n GetBusy plc\n \n \n Trading Update and Bolt-on Acquisitions for SmartVault \n \n \n GetBusy plc (AIM: GETB), \n a leader in productivity software for professionals and financial services, is pleased to provide an update on trading and announce the completion of two bolt-on technology acquisitions within SmartVault, DocDown and Quoters. \n \n \n Quoters (www.quoters.io) automates proposals and quotes, simplifying a core part of the client workflow for accountants and financial services professionals.\n DocDown (www.docdown.io) uses online web forms, web hooks and APIs to automate the population of forms and templates, removing the need for error-prone manual transfer of information. \n \n \n Together, these bolt-on acquisitions, which have been executed on attractive terms for the Group given the consideration is weighted to future performance, are expected to accelerate SmartVault's product roadmap across client workflows and its go-to-market strategy into the wider financial and professional services market.\n \n \n Financial details\n \n \n GetBusy is paying a non-material amount of upfront cash for each asset, with a cash earn-out payment in early 2023 of 1x annualised recurring revenue (\"ARR\") from the acquired products as at 31 December 2022. The respective earn-out payments are capped at US$0.5m each, with the total potential consideration being funded from the Company's existing cash resources and such that neither acquisition constitutes a substantial transaction pursuant to AIM Rule 12. \n \n \n The short-term investment in development and commercialisation is not expected to be material, however once integrated into SmartVault and tailored for its customer base, both products are expected to start to contribute to revenue during 2022. In the case of both acquisitions, the founders will be retained to accelerate the integration and to ensure swift and complete knowledge transfer to the SmartVault team.\n \n \n Rationale\n \n \n SmartVault is a leading cloud-based productivity, document management and storage software solution with a substantial market share in the US accounting, bookkeeping and tax markets. Quoters and DocDown will be integrated into SmartVault, broadening the offering int...