It is expected that the acquired business would have revenues of over $4 million in the current year and be earnings positive to ComOps
Markinson Business Solutions declared that it has successfully closed the acquisition of Korellus ERP software solutions business operations and assets of ComOps Limited.
It is stated that the agreement to buy the Korellus ERP business was subject to ComOps shareholder approval, which was granted prior to closing.
The addition of the ERP solutions of ComOps further extends the reach of Markinson in these regions and provides the customers of those solutions a company with a strong financial foundation, firm focus on customer satisfaction and an opportunity to grow their business with a quality partner, said Ian Whiting, Chief Executive Officer of Markinson.
An Agreement is inked between ComOps Limited and Markinson Software Solutions for sales of Korellus Enterprise Resource Planning (ERP) business operations and assets, which will be followed by a review undertaken by the ComOps Ltd board of directors.
The most appropriate action to be taken to reduce debt and build value for shareholders in its expanding workforce markets will be assessed by ComOps Ltd board of directors to make a review.
$4.2 million will be bagged by ComOps for the ERP business and this will be followed by payment of $3.7 million, which is subject to the business achieving an agreed NTA value, up to $0.5m of deferred consideration will be paid in November 2013.