Provider of software and services Sopheon PLC on Wednesday said it has acquired cloud-based business Solverboard.
In Sopheon's last annual report it said it would be introducing new cloud-based applications this year. The company said the acquisition of Solverboard will bring product-led growth capabilities more rapidly than previously anticipated.
Sopheon expects to introduce additional products, to be sold through the Solverboard channel, to the market by the end of the year.
Initial consideration comprises £500,000 in cash and £250,000 in shares issued at £6 per share. An additional, contingent deferred earn-out of up to £1.6 million is payable over the next two years.
The earn-out will be paid through up to £900,000 in shares and the rest in cash. The cash element of the deal is being funded ‘out of existing and healthy cash resources’.
Chief Executive Greg Coticchia said: ‘This is the second acquisition of a cloud-native, multi-tenant SaaS solution by Sopheon in the past six months. We look to the Solverboard and ROI Blueprints acquisitions to accelerate Sopheon's shift to a pure play SaaS model and associated ARR growth.’
Sopheon was untraded in London on Wednesday at 565.00 pence.
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