Tribal acquires private social network IP for education markets
Source - SMW
Tribal Group has acquired from Wambiz Ltd the Intellectual Property Rights (IPR) and exclusive distribution rights for the Wambiz private social network solution to the education markets across the UK, Australia and New Zealand.
It would also have the non-exclusive rights to sell the solution into Canada.
The acquisition was an important step in Tribal's product strategy, delivering a social network solution that would be integrated into its new student information framework, driving a single engagement solution for students.
The initial consideration for the acquisition was £1.25m, with further non-contingent consideration of £289k and £485k payable at the end of years 1 and 2 respectively.
Completely at Tribal's discretion, if in years 2 to 5 Tribal decided to sell this product into schools and work-based learning customers, it would have to pay away 30% of net revenue from these markets to Wambiz Ltd.
In years 4 and 5 this pay away was capped at £625k and £525k respectively.