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QRSciences closes $14m purchase of API unit

QRSciences closes $14m purchase of API unit

Security technology company QRSciences Holdings (ASX:QRS) has completed the $13.9 million acquisition of fellow security company API's Services and Solutions business.

QRSciences CEO Rick Stokes said the acquisition marks an important step in the future growth of the company.

“This acquisition will build the company's revenues and assist with the long term goal of becoming one of Australia's leading security technology businesses,” he said.

The purchase price includes the assumption of debts totalling around $1.4 million, and was funded through existing holdings and debt facilities. The deal had

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Tags securityQRSciencesAPIASX:QRSMergers and acquisitions

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