Australia's Readytech sees best session in 3 months on PhoenixHRIS acquisition

Readytech Holdings

17/03/2022 02:22

** Shares of software-as-a-service co Readytech Holdings
 RDY.AX  rise as much as 5.4% to A$3.120, mark their biggest
intraday gain since Dec 17, 2021
    ** Co announces acquisition of cloud-based talent management
system provider PhoenixHRIS for A$3.3 mln ($2.41 mln), inclusive
of earn out  urn:newsml:reuters.com:*:nASX69w6C0
    ** Says the acquisition will enhance co's capability in
talent acquisition and onboarding to fulfil the need for remote
recruitment 
    ** Adds the acquisition is expected to deliver revenue of
A$240,000 in FY22, with an EBITDA margin of 40% before costs
    ** Shares hit heir highest since March 3
    ** As of last close, stock down 24.1% this year

    ($1 = 1.3712 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))