Business
Pivotree Announces Earnout Payment in Connection with Bridge Solutions Acquisition
Pivotree Announces Earnout Payment in Connection with Bridge Solutions Acquisition ...
About this update from Pivotree, Inc.
[{"type":"text","content":"\n \n \n \n Pivotree Announces Earnout Payment in Connection with Bridge Solutions Acquisition\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n April 6, 2022\n \n \n /CNW/ - Pivotree Inc. (\"\n \n Pivotree\n \n \" or the \"\n \n Company\n \n \"), a leading provider of\n \n \n frictionless commerce\n \n \n solutions, announces that Bridge Solutions Group (\"Bridge Solutions\") has achieved gross profit growth targets for fiscal 2021 as previously set out at the time of the acquisition completed in\n \n September 2021\n \n . As such, the former shareholders of Bridge will be paid contingent consideration of\n \n US$2.6 million\n \n .\n \n \n Of the contingent consideration, 48.6% of the value or\n \n US$1.3 million\n \n , will be paid in cash. The remaining value of\n \n US$1.3 million\n \n will be paid through the issuance of 359,807 common shares, at a deemed share price of\n \n $4.66\n \n , being the 90 day VWAP. The issuance of the shares is subject to the approval of the TSX Venture Exchange. The common shares will be subject to a four month hold period from the date of issuance in accordance with applicable securities laws.\n \n \n Bridge Solutions Group was founded in 2010 and boasts global delivery expertise with offices across\n \n North America\n \n and\n \n India\n \n . Its global team of supply chain experts helps leading companies succeed in the areas of omnichannel fulfillment strategy, solution design and implementation, managed services, project and program management consulting, and business process consulting. Bridge Solutions Group services an impressive roster of Fortune 500 companies and leading retailers. Bridge Solutions Group is both an IBM Premier Business Partner and Fluent Commerce partner.\n \n \n For more information about the Bridge Solutions acquisition, please refer to the definitive agreement\n \n \n announcement\n \n \n and the closing\n \n \n announcement\n \n \n press release dated\n \n August 26, 2021\n \n and\n \n September 17, 2021\n \n respectively.\n \n \n \n I...