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Pender Growth closes acquisition of Pluribus tech units
2024-10-11 17:16 ET - News Release
Also News Release (C-PLRB) Pluribus Technologies Corp
Mr. Tony Rautava of Pender Growth reports
PENDER GROWTH FUND ANNOUNCES ACQUISITION OF FOUR TECHNOLOGY COMPANIES FROM PLURIBUS TECHNOLOGIES
Pender Growth Fund Inc. has completed acquisition of four technology companies from Pluribus Technologies Corp. The acquisition is being made by a majority-owned subsidiary, to be named Pender Software Holdings Ltd., held approximately 85 per cent by Pender and 15 per cent by Acorn Partners Inc.
The total cash consideration for the transaction is $17.0-million, subject to working capital adjustments, performance and other customary holdbacks. All four companies are currently cash-flow positive.
The four technology companies acquired are:
POWR Inc. Founded in 2014 and headquartered in San Francisco, POWR is one of the Web's leading plug-in libraries that helps e-commerce businesses convert website visitors into customers on platforms including Wix and Shopify.
Rowanwood Professional Services Ltd. Founded in 2017 and headquartered in London (U.K.), Rowanwood provides housing asset management and energy management software solutions specially designed around the needs of housing providers in England, Scotland and Wales.
Cranham Haig Ltd. (doing business as CHL Software) Founded in 1996 and headquartered in Gloucestershire (U.K.), DocMoto provides secure document and email management solutions primarily for law firms and legal departments in various industries.
Assured Software Ltd. Founded in 1997 and headquartered in Vancouver, Assured provides design workflow and job management software solutions for the restoration industry.
Following the acquisition, all four entities will continue to be led by their existing management teams. All parties will prioritize a seamless transition with minimal disruption to customers, employees and business operations. The new holding company structure will facilitate a focus on operational excellence with strategic support and access to capital from Pender and Acorn.
Pender and Acorn were advised on the transaction by Fasken Martineau DuMoulin LLP, Loeb & Loeb LLP, and BDO Canada LLP.
About Pender Growth Fund Inc.
Pender Growth Fund Inc. is an investment firm. Its investment objective is to achieve long-term capital growth. Pender utilizes its capital base and long-term horizon to invest in unique situations, primarily small cap, special situations and illiquid public and private companies. The firm invests in public and private companies, principally in the technology sector.
About Acorn Partners
Acorn Partners is an investment and advisory firm based in Vancouver. Acorn invests in profitable technology companies by deploying permanent capital alongside trusted capital partners. Acorn supports portfolio companies with strategic decisions and oversight while management continues to make operational decisions.
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