SYDNEY, AUSTRALIA: Harvest Technology Group (ASX: HTG) has executed a formal Stock Purchase Agreement (SPA) for the acquisition of Silicon Valley-based software-as-a-service (SaaS) company, SnapSupport Inc for $2.59 million to be paid in HTG shares.
The SPA follows the entry by Harvest and SnapSupport into a binding term sheet in respect of the acquisition, and the parties are now working to satisfy the last remaining conditions precedent, with completion expected to occur shortly.
SnapSupport leadership, operations and technical personnel will, following Completion, be integrated into Harvest, paving the way for the Company to continue its strategic objective of accelerating a SaaS-based business model and expanding access into the U.S. and other international growth markets with its ground-breaking technology.
At the core of Harvest’s proven Industrial Grade Connectivity technology is the ability to securely stream high-definition, real-time voice, video and data over ultra-low bandwidth from remote locations where connectivity is often congested, contested or absent.
Harvest’s opportunity to enhance communication for remote field workers is complemented by SnapSupport’s SaaS-based mobile platform, enabling hands-free inspections, real-time collaboration with experts, and viewing of performance data from connected equipment.
Demand for SnapSupport solutions continues to grow and expand into new market sectors with the recent execution of a contract with UK-based global medical devices company Spectrum Medical Ltd (Spectrum), involving the deployment of the SnapSupport application to 2,000 clinicians across multiple hospitals worldwide.
Users of Spectrum devices will now be able to resolve questions faster with live mobile chat features enhanced with video and photo capabilities, alongside a real-time connection to product experts automatically assigned by the app based on geographic location, expertise and availability.
The Spectrum contract opens up the healthcare segment for SnapSupport, joining the ongoing focus on telecommunications, manufacturing, utility, and other industrial customers.
“Completing this acquisition of SnapSupport in the coming days, in combination with our recent capital raise, will place Harvest in a very strong position to continue our strategic plan roll-out”, said Harvest Managing Director Paul Guilfoyle.
“In particular, SnapSupport’s mobile app and platform is proven, fit-for-purpose and can be married to our own technology and products quickly and efficiently, which will support the transfer from Phase 1 to Phase 2 of our global growth plan.”
Harvest Technology Group Ltd
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15 Jun, 2:29 pm GMT+10 · Disclaimer
ASX: HTG
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