LONDON, UK: Drumz plc has conditionally agreed terms to acquire Acuity Risk Management Limited (ARM), a supplier of Governance, Risk, Compliance (GRC) software and services.
Drumz Plc currently owns 25 per cent of the issued share capital of ARM and it is proposing to acquire the balance of the issued and to be issued share capital.
The consideration of £3.6 million will be satisfied by the payment of £0.5 million in cash and the issue of 45,709,570 New Ordinary Shares which at closing mid-market price of 6.75 pence per Existing Ordinary Share on 3 April 2023 as adjusted by the Share Reorganisation, being the latest practicable date prior to the publication of this announcement, are valued at £3.1 million.
In addition, Acquisition Options over 2,420,506 New Ordinary Shares may be granted to the Founders in the event that the Company’s share price does not at any time exceed an average of 6.99 pence on any five consecutive trading days during the three months immediately following Admission.
Angus Forrest, CEO of Drumz Plc said: “We are delighted to announce Drumz’s acquisition of Acuity Risk Management Ltd (Acuity). Over the past two and a half years we have worked closely with the Acuity team.
Since we invested the business has taken greater control of its activities particularly sales and marketing resulting in consistent growth and improvement in the Key Performance Indicators.
We believe this is a very exciting time and stage in the Company’s development as it expands its activities in North America, the world’s largest market for Governance, Risk and Compliance (GRC). GRC software and services is a large market – $14bn in 2022 rising to $27bn in 2027 (MarketsandMarkets).”
Simon Marvell, CEO of ARM said: “Drumz has been a great supporter of Acuity Risk Management since its original investment in September 2020. Over the intervening period, Drumz has helped us to strengthen our commercial team and grow the business.
We operate in a large and fast-growing market so we are delighted and excited to be proceeding with this transaction which we believe will help us to raise our profile as a public company and further accelerate development of the business and its expansion in new markets”.
HICL to acquire minority interest in French fibre-to-the-home platform, Altitude Infra
Leave a Reply