LONDON: Sign In Solutions Inc. (SIS) and SmartSpace Software have reached agreement on the terms of a recommended cash offer for the entire issued and to be issued share capital of SmartSpace by Sign In Solutions’s subsidiary, Welcome UK Bidco Limited.
Under the terms, each SmartSpace shareholder will be entitled to 90 pence in cash/share. The offer values the entire issued and to be issued share capital of SmartSpace at approximately £28.35 million, a company announcement stated.
This offer marks a significant premium over the recent share prices, including a 169% increase over the closing price on December 11, 2023, and over 120% above the six-month average.
SmartSpace’s consistent financial growth and strong market performance have been acknowledged, and while the board remains confident in the company’s independent trajectory, they endorse the offer as an advantageous opportunity for shareholders to capitalize on the company’s value immediately.
Commenting on the Acquisition, Guy van Zwanenberg, Chairman of SmartSpace, said: “The Board of SmartSpace is proud of the SmartSpace Group’s achievements and evolution over the past 5 years which in no small part is due to the hard work and diligence of the staff. We feel that the time is opportune for the shareholders and employees of SmartSpace to take advantage of the opportunities being offered with SIS.
We are very happy to recommend this deal to shareholders.
Over the past number of months, as we have gotten to know the team at SIS, it has reinforced our view that there is an excellent commercial fit between the businesses. As a board, one of our primary concerns was to work with a buyer that provided a great future for our employees and we are confident that SIS is the right partner to enhance the Company’s position in the space management market.”
Commenting on the Acquisition, Jeff Gordon, CEO of Sign In Solutions, said: “Both Space Connect and SwipedOn will contribute directly to SIS’s rapidly expanding growth in the global visitor management market. SwipedOn, in combination with our current Sign In App offering, further enables us to continue to grow market leadership by providing further insight and critical pre-requisite information to our customers. Additionally Space Connect, along with our current solutions, offers industry leading convenient and comprehensive logistics support to those who engage with our customers’ businesses.”
SmartSpace Software Plc may be acquired by Sign In Solutions Inc