Business
Acquisition of Semestry Limited
Acquisition of Semestry Limited.
About this update from Tribal Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2112U\n Tribal Group PLC\n 01 April 2021\n \n \n \n \n 01 April 2021\n \n \n Tribal Group plc\n \n \n (\"Tribal\" or \"the Group\")\n \n \n Acquisition of Semestry Limited\n \n \n Expansion of product through the addition of cloud Scheduling and Timetabling software to Tribal Edge \n \n \n Tribal (AIM: TRB), a leading provider of software and services to the international education market, is pleased to announce that it has agreed to acquire the entire issued share capital of Semestry Limited, a supplier of cloud based scheduling and timetabling software to the higher education market (\"the Acquisition\"), for an initial cash consideration of £4.5 million with a further £1.5 million contingent cash consideration based on achieving incremental increases in Annual Recurring Revenue (ARR) over a two year period from Completion. The Acquisition will be financed out of the Group's existing cash resources of £10.2m.\n \n \n \n \n \n Acquisition Summary\n \n \n \n \n \n \n \n \n · \n \n \n \n \n The Acquisition will expand Tribal's product portfolio, adding Scheduling and Timetabling capability to the Group's Tribal Edge ecosystem of Higher Education solutions; this provides additional upsell opportunity to the Group's existing and new customers as well as cross-sell opportunities for Tribal's existing applications into Semestry's existing customer base.\n \n \n \n \n \n \n · \n \n \n \n \n The Acquisition will expand the addressable market opportunity for Tribal in the UK, Australasia and South East Asia, as well as other markets as Tribal drives the adoption of Tribal Edge products in new geographies. \n \n \n \n \n \n \n · \n \n \n \n \n The Acquisition will be earnings accretive on a pro-forma basis and Tribal will invest in Semestry to provide increased sales and delivery capacity to drive additional revenue. \n \n \n \n \n \n \n · \n \n \n \n \n The software has been developed natively in the cloud and is delivered on a SaaS basis\n \n \n \n \n \n \n · \n \n \n \n \n Semestry currently services 21 customers across five countries in Europe, including University of Cambridge, University of York, Manchester Metropolitan University, Birmingham City University, University of Amsterdam (Netherlands), Aarhus University (Denmark), Universiteit Hasselt (Belgium) and Reykjavik University (Iceland...