LONDON, UK: Accesso Technology Group plc (ACSO), a premier technology solutions provider for attractions and venues worldwide, has announced the acquisition of Paradocs Mountain Software, a leading Canadian-based provider of software solutions specifically tailored to the ski industry.
The acquisition was made pursuant to the terms of an equity purchase agreement entered into on 21 April 2023.
Paradocs Mountain Software was established in 2001 to help ski resort operators optimize the mountain experience for their visitors. The hosted, all-in-one mountain management solution, MtnOSSM – now branded accesso ParadoxSM – is considered one of the most comprehensive and contemporary ski-specific operating systems on the market, currently leveraged by 48 Canadian and 2 U.S. resorts to optimize operations and enhance the overall visitor experience.
Accesso Technology Group agreed to acquire the equity of Paradocs from the founder and management team at Paradocs for a total consideration of $10m, comprising $9m in cash and $1m in accesso shares.
A total of 117,636 shares will be issued in connection with the Acquisition in four equal tranches, commencing in October 2023, with the remaining three tranches payable at six-month intervals thereafter through to April 2025 and contingent upon founder transition support during the issuance period. The cash consideration was funded through the Group’s existing strong cash reserves.
For the fiscal year ending 31 August 2022, Paradocs Mountain Software reported revenues of CAD$2.34m, an increase of 35.8% over FY 2021, with a gross margin of 93.5% and net income margin of 16.6%. Recurring revenues accounted for 62.7% of total reported revenue. In the Accesso Technology Group, Paradocs’ results will be reported under IFRS.
Steve Brown, Chief Executive Officer of accesso, stated that “incorporating Paradocs’ specific expertise and experience into our offering is a powerful step forward in addressing the unique and evolving technology demands of the burgeoning ski market. Adding this contemporary and powerful solution to our offering supports Accesso’s long-standing commitment to serving as the industry’s premier ski solutions provider.”
Nicolas Dubé, Founder and CEO of Paradocs, added that “our team at Paradocs is excited to play an expanded role in the overall advancement of our beloved industry, and we look forward to continued success with Accesso Technology Group.”