SYDNEY, AUSTRALIA: Veris Limited (ASX: VRS) has completed the settlement of the share sale agreement (SSA) with Telstra Purple Pty Ltd, a wholly-owned subsidiary of Telstra Corporation (ASX: TLS), under which Telstra Purple has acquired 100% of the shares in Aqura Technologies.
The sale consideration, representing an enterprise value of $30 million, was settled in cash following customary net debt, working capital adjustments and the payment of costs, including staff incentive payments.
Following the completion of the sale of Aqura, Veris Limited has immediately retired all term facility bank debt outstanding with its primary lender, CBA, and is now well capitalised with a strong balance sheet and a significant net cash position of $18.3 million.
This balance sheet strength places Veris in a strong position to pursue its growth ambitions for Veris Australia and underpin the continued expansion of Veris Australia’s digital and spatial data-as-a-service strategy.
Veris Limited is the holding company that is listed on the ASX under the code VRS. Veris Limited has a wholly owned operating division, Veris Australia.
Veris Australia is Australia’s leading provider of spatial data services across the infrastructure, property, resources, defence, utilities and government sectors. Veris Australia provides an end-to-end spatial data solution for its clients that not only includes data collection, analysis, interpretation but also data hosting and access, modelling, sharing and insights for clients with large-scale data requirements.