Vection Technologies hits near 4-week high on acquiring Invrsion

Vection Technologies

07/06/2023 03:27

** Shares of Vection Technologies  VR1.AX  climb as much as
2.3% to A$0.044, hitting their highest level since May 12 
    ** On track to record fourth consecutive session of gains 
    ** Australian software developer says it has executed a
binding agreement to acquire the business of Invrsion S.r.l
    ** Says value of consideration payable capped at A$6.2
mln($4.14 mln)
    ** Says deal is immediately value accretive, delivering
positive EBITDA and A$1.7 mln in revenue  
    ** Stock down 21.8% YTD, as of last close 
    


($1 = 1.4993 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))