Data analytics and business intelligence firm, Invigor Group has entered into an agreement to wholly acquire German software solutions business, Condat AG, for a total AU$4.5 million.
For Condat AG, Invigor will pay AU$2.25 million in cash, and AU$2.25 worth of Invigor shares to be issued upon completion, at an issue price of 8.5 cents per share.
"We have identified Condat as a business which will seamlessly slide into our vision of taking Invigor's existing product offering and moving toward becoming an end-to-end solution for our clients, who want to source, aggregate and analyse data and publish relevant content as a result," Invigor executive chairman Gary Cohen said.
A meeting of shareholders to seek approval for the deal has been scheduled for late November, with acquisition to be finalised shortly afterwards.
For the six months ending June 30, 2015, ASX-listed Invigor posted operating revenue of AU$3.4 million, and earnings before interest, taxes, depreciation, and amortisation of AU$106,000; then successfully completed a AU$4.8 million capital raising in August.
Last year, Invigor was slated to acquire online media agency Search Results Group, for AU$5.8 million. At the time, the company pinned the purchase as its next step of transforming the company into a digital solutions group.
"Invigor Digital Solutions is quite a global group and we finished building that up a few weeks ago, and it focuses on business intelligence and big data," Cohen said at the time.
"We're basically taking a lot of internet information and making it available either to the customers or to the businesses themselves to make business intelligent decisions, and help them sell things or make them better or cheaper."
The deal, however, did not go ahead.
A few weeks earlier, Invigor also completed 60 percent acquisition of Global Group Australia, for AU$4.4 million.
Updated 14 October, 2015 at 4.35pm AEDT: Original story stated Invigor acquired Search Results Group, this deal did not go ahead.