Geospace Tech soars on acquisition of water monitoring system provider

Geospace Technologies

07/07/2021 21:32

** Shares in water meter products maker  GEOS.O  rise 12.3%
to $9.48 after the bell
    ** GEOS says it has bought Aquana, a wireless water
monitoring and control system provider, as it aims to cash in on
the growth in property management and water utility markets
 urn:newsml:reuters.com:*:nBw8VJDLBa
    ** Terms of deal include an initial cash payment of $1.4 mln
at closing and additional contingent cash payments over a
six-year earn-out period - GEOS
    ** Aquana can scale more rapidly and develop new products
with backing from GEOS - Aquana CEO Steve Askew
    ** GEOS intends to retain employees of Aquana, which will
operate as its wholly owned subsidiary
    ** GEOS shares down about 1% this year

 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))