Business
Strategic acquisition of trade and assets
Strategic acquisition of trade and assets.
About this update from Vianet Group Plc
[{"type":"text","content":"\n\n15 May 2023\nVianet Group plc\n \n(\"Vianet\" or the \"Group\")\n \nStrategic acquisition of trade and assets\n \nVianet Group plc (AIM: VNET), the international provider of actionable data and business insight through devices connected to its Internet of Things platform (\"IOT\"), today announces that it has acquired the trade and assets of Beverage Metrics Inc (\"BMI\"), a Denver, USA based provider of inventory software solutions to the USA hospitality sector, a wholly owned subsidiary of Identec Group AG.\n \nThe acquisition consists of customers, an established operating platform, software IP, patents for barcode 3D scanning and advanced technology for point-of-sale data integration. BMI's five employees will be incorporated into Vianet's USA subsidiary Vianet Americas Inc. (\"VAI\") which has worked closely with BMI over the past couple of years.\n \nThe initial consideration payable to BMI is £577,500 and will be satisfied in the form of the issue of 700,000 new ordinary Vianet shares at a price of 82.5p each with deferred consideration payable dependent on revenue performance metrics. The deferred consideration is 7% of net revenue of VAI for the period 01 April 2024 through 31 December 2028, payable in cash and capped at a maximum of £4 million.\n \nFor the year ended 31 December 2022 the loss attributable to the acquired trade and assets was approximately £0.76 million and the independent valuation of the acquired trade and assets was approximately £1.22 million.\n \nThe combination of Vianet's SmartDraught draft beer management solution with BMI's inventory platform provides a comprehensive one stop drinks management solution which enables operators to reduce costs, improve productivity and maximise sales, thereby driving improved profitability across the entire drinks category. SmartDraught integration with the inventory platform will also enable Vianet to provide a more cost effective and competitive brand monitoring and market insight solution for the brewers.\n \nTogether with our recent investment in SmartDraught this acquisition positions Vianet's hospitality operations firmly on the path to growth in the UK and to establishing a profitable footprint in the USA. The management looks forward to elaborating further at the time of our FY 2023 results announcement on...