GRC International Group to raise £5m to fund acquisition of DQM Group

Writer, Stock Market Wire
Monday, February 11, 2019 - 07:49

IT governance supplier GRC International Group said Monday it would raise £5m through the placing of shares after conditionally agreeing to acquire data consultancy DQM Group.

The acquisition was expected to be 'significantly' earnings enhancing in 2020 and beyond and marked the completion of the majority of the group's investment programme intended to position the company to become cash generative, GRC said.

The acquisition would enable the company to create further on the significant opportunities within the IT governance, risk and compliance market and to extend GRC's existing capabilities and the range of products and services we offer to our customers.

Under the terms of the acquisition, GRC agreed to pay an initial consideration totaling £5,886,839 comprising a cash payment of £3,532,104 and issue of 2,021,232 ordinary shares, worth £2,354,736 based on an issue price per ordinary share of 116.5 pence.

To finance the cash portion of the deal, GRC said it would raise £5m through the placing of 5,000,000 shares at a discount of about 9% to the closing bid price of 109 pence on 8 February 2019.

'DQM boasts market-leading expertise in data consultancy, an impressive customer base and unique solutions, providing us clear opportunities for cross-selling and up-selling of our products and services. We look forward to welcoming DQM into the GRC International Group,' said Peter Galdies, Founder and Director of DQM.

Related content

GRC International delays results release

GRG International said the release of its annual accounts had been delayed while the company finalised payments for an acquisition.

The payments comprised a deferred...

Mon, 22/07/2019 - 15:07

GRC International to post annual loss as investment spending weighs

Cyber security and data compliance company GRC International Group said it expected to post an adjusted annual loss after investing in new business areas and...

Tue, 16/07/2019 - 13:20

GRC profits hurt by increase in investment spend and fall in billings

Cyber security group GRC International said annual profits were hurt by a ramp-up in investments and fall in billings against an uncertain macro-economic and political...

Tue, 02/04/2019 - 10:01

Red tape is no barrier for Ideagen’s growth ambitions


The net of regulation red tape and compliance accountability is getting ever tighter around industries and organisations across the world. The next big one is...

Thu, 17/05/2018 - 00:00

GRC International Group annual performance tops expectations

Cyber security firm GRC International Group said that trading performance for the year ended 31 March 2018 was ahead of the board's expectations and significantly...

Wed, 25/04/2018 - 10:05