Industrial software developer QMASTOR (ASX:QML) has completed the acquisition of Canada's Algosys.
Algosys is a Canadian software and services company specialising in metallurgical accounting software.
QMASTOR managing director Trent Bagnall said the acquisition is highly complementary, as the companies only share one client.
“Together both companies can now provide our customers with a much more powerful offering,” he said. “We expect to quickly leverage the integration of the two companies.”
QMASTOR will pay up to C$5 million ($5.1m) in cash and stock for the acquisition.
According to the terms of the deal, the company has already paid C$2.2 million and C$500,000 worth of QMASTOR shares, and Algosys will be eligible for a further C$300,000 in cash and up to C$890,000 in shares at the end of year one of operations.
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.