Damstra Holdings Limited (ASX:DTC) notified the market that Damstra Technology Pty Ltd (wholly owned subsidiary) had completed the acquisition of the assets of SmartAsset Software Pty Ltd. The acquisition is to expedite its product offering in asset and plant management.
DTC’s Board considers that the deal is of strategic value and does not believe it to be material to the Company. Further, they mentioned that the deal is a significant opportunity to cross-sell this unified solution to its existing clients.
The total purchase consideration of $454,545 shall be financed from its current cash reserves. In FY 2019, SmartAsset produced nearly $420,000 of unaudited recurring revenue.
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