Digital Barriers plc Brimtek deferred consideration (9015K)
13 July 2017 - 12:30AM
UK Regulatory
TIDMDGB
RNS Number : 9015K
Digital Barriers plc
12 July 2017
12 July 2017
Digital Barriers plc
("Digital Barriers" or the "Group")
Brimtek deferred consideration
Digital Barriers plc (AIM:DGB, the "Group") today announces that
it has agreed early finalisation terms with the vendors of Brimtek,
which was acquired by the Group on 1 March 2016 for initial cash
consideration of $25 million with the potential for an additional
$20 million of deferred consideration to be payable based on
performance conditions in the period up to 31 December 2017.
The performance conditions for the deferred consideration were
set at a level significantly above forecast, and consequently the
terms of the finalisation involve a release of $1.45m from escrow
back to Digital Barriers, with no further or deferred consideration
to be paid.
Brimtek continues to perform well, with the Group's US business,
including Brimtek, expected to record strong revenue growth again
this financial year, building on the more than 150% organic growth
secured by the Group's US business last financial year.
For further information
please contact:
Digital Barriers plc +44 (0)20 3553 5888
Zak Doffman, Chief Executive
Officer
Sharon Cooper, Chief Financial
Officer
Investec Investment Banking +44 (0)20 7597 5970
Andrew Pinder / Dominic
Emery / Patrick Robb
FTI Consulting LLP +44 (0)20 3727 1000
Edward Bridges / Matt Dixon
/ Harry Staight
About Digital Barriers
Digital Barriers provides visually intelligent solutions to the
global surveillance, security and safety markets. We deliver
zero-latency streaming and analysis of secure video and related
intelligence over wireless networks, including cellular, satellite,
IP mesh and cloud, utilising significantly less bandwidth than
standard technologies. Our rapidly-installed fixed and mobile
solutions for covert, remote and wide-area deployments, as well as
vehicle and body-worn applications, have been sold into more than
fifty countries, and have been proven in some of the world's most
demanding operational environments. We also provide advanced video
content analysis and body scanning to identify safety concerns and
threats in real-time.
www.digitalbarriers.com
This information is provided by RNS
The company news service from the London Stock Exchange
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