Industrial software developer QMASTOR (ASX:QML) has arranged to acquire Canadian mining software company Algosys for up to $5 million.
Subject to board and regulatory approval, the acquisition is expected to close on 1 December.
QMASTOR managing director Trent Bagnall said the acquisition will provide the company with significant growth opportunities globally.
“Algosys provides QMASTOR with access to new markets and customers with significant synergies from our combined products and customer base,” he said.
The total price paid will depend on the performance of the Algosys business for the next two years.
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