REG - Quartix Technologies - Acquisition of Konetik GmBH

Quartix TechnologiesAnnouncement

15/09/2023 07:00

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RNS Number : 5220M  Quartix Technologies PLC  15 September 2023

Quartix Technologies plc

("Quartix", "the Group" or "the Company")

Acquisition of Konetik GmBH

 

Quartix Technologies plc, a leading supplier of subscription-based vehicle
tracking systems, analytical software and services, is pleased to announce
that acquisition of Konetik Deutschland GmbH ("Konetik") the owner and
developer of the software utilised in Quartix's EVolve electric vehicle
product has now completed. Konetik has operations in Berlin and Budapest.

 

The total consideration payable is €3.9m (c.£3.4m), all payable in cash,
comprising an initial payment of €2.5m (c.£2.2m), payable immediately on
completion and deferred consideration of up to €1.4m (c.£1.2m). The total
amount of deferred consideration payable will be based on the number of EVolve
subscriptions over the next 24 months with payments being made every 6 months.

On account of the consideration being satisfied from the Company's existing
cash reserves the board expect there being a reduction in the FY23
supplemental dividend payable to shareholders. There will be no change to the
ordinary dividend or the Company's dividend policy going forward.

The Company also announces that its Nominated Adviser and Broker, finnCap Ltd,
has now changed its name to Cavendish Capital Markets Limited following
completion of its own corporate merger.

Richard Lilwall, CEO of Quartix said: " We are incredibly pleased to have
acquired the underlying technology to EVolve, a SaaS product which provides
the business with additional recurring revenue and enables  our customer base
to make the necessary transition towards more sustainable fleet operations.
The acquisition will allow us to bring our excellent relationship with Konetik
in house, enabling increased efficiencies in developing the product going
forward as more operators address the challenges and opportunities of
electrifying their fleets."

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014 as retained as part of UK law by virtue of
the European Union (Withdrawal) Act 2018 as amended.

 

 

For further information, please contact:

 Quartix (www.quartix.net)                                         01686 806 663

 Richard Lilwall, Chief Executive Officer

 Emily Rees, Chief Financial Officer
 Cavendish Capital Markets Limited (Nominated Adviser and Broker)     020 7220 0500

 Matt Goode / Seamus Fricker (Corporate Finance)

 Alice Lane / Sunila de Silva (Corporate Broking)

 

 

 

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