Imimobile said Monday it had agreed a £2.5m early settlement of the performance related deferred fee for the acquisition of Healthcare Communications.
IMImobile acquired Healthcare Communications for an initial £9.0m in cash, with a further deferred consideration of up to £6.0m payable in cash or shares based on achievement of gross profit growth and earnings (EBITDA) targets over the next two years.
In the interest of accelerating integration activities and further capitalising on market opportunities, the company decided to settle the deferred consideration with the sellers of Healthcare Communications.
IMImobile had agreed to pay to the sellers an aggregate settlement amount of £2.5m comprising £1.75m in cash, payable in May 2019, and £0.75m through the immediate issue of 348,837 ordinary shares of 10p each in the company.
Following payment of the settlement amount, there would be no further deferred consideration payable in relation to the acquisition.
Healthcare Communications had performed at the top end of management expectations since acquisition, achieving over 30% year on year gross profit growth in the period to December 2018, the company said.
At 8:20am: (LON:IMI) IMI PLC share price was +7.75p at 956.75p