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Software company to be acquired
Physical security, compliance and safety software company RightCrowd has agreed to be acquired by Omni Market Tide for at least $85 million.
Lara Bullock
Firm: GRT Lawyers (Omni Market Tide Limited)
Value: At least $85 million
Area: M&A
Deal significance: ASX-listed Omni Market Tide Limited (OMT) has entered into an agreement to acquire Sentrii Pty Ltd and the RightCrowd business.
RightCrowd is a physical security, compliance and safety software company and has been providing innovative solutions for organisations’ workforces and visitors since 2004.
RightCrowd has been heavily focused on research and development, spending in excess of $20 million in this area.
Having implemented its software in some of the world’s largest companies and across multiple industries, RightCrowd is ready to enter a transition from research and development to sales.
The purchase price for the acquisition will be based on the pre-money value of at least $85 million for the merged OMT and Sentrii entities, as implied by the price at which a $35 million capital raising to issue fully paid shares in OMT under a prospectus is to occur.
The transaction will involve a consolidation of its shares, a capital raising under a prospectus of $35 million, a shareholders’ meeting and compliance with the legal and regulatory aspects associated with the significant change of scale and nature of the company’s activities.
Subject to shareholder approval and ASX re-compliance, the company is due to re-commence trading on the ASX at the end of December as RightCrowd Limited.
