Brimtek deferred consideration

RNS Number : 9015K

Digital Barriers plc

12 July 2017

 

12 July 2017

Digital Barriers plc

("Digital Barriers" or the "Group")

Brimtek deferred consideration

Digital Barriers plc (AIM:DGB, the "Group") today announces that it has agreed early finalisation terms with the vendors of Brimtek, which was acquired by the Group on 1 March 2016 for initial cash consideration of $25 million with the potential for an additional $20 million of deferred consideration to be payable based on performance conditions in the period up to 31 December 2017.

The performance conditions for the deferred consideration were set at a level significantly above forecast, and consequently the terms of the finalisation involve a release of $1.45m from escrow back to Digital Barriers, with no further or deferred consideration to be paid.

Brimtek continues to perform well, with the Group's US business, including Brimtek, expected to record strong revenue growth again this financial year, building on the more than 150% organic growth secured by the Group's US business last financial year.

For further information please contact:
Digital Barriers plc	[phone]
Zak Doffman, Chief Executive Officer
Sharon Cooper, Chief Financial Officer
Investec Investment Banking	[phone]
Andrew Pinder / Dominic Emery / Patrick Robb
FTI Consulting LLP	[phone]
Edward Bridges / Matt Dixon / Harry Staight

About Digital Barriers

Digital Barriers provides visually intelligent solutions to the global surveillance, security and safety markets. We deliver zero-latency streaming and analysis of secure video and related intelligence over wireless networks, including cellular, satellite, IP mesh and cloud, utilising significantly less bandwidth than standard technologies. Our rapidly-installed fixed and mobile solutions for covert, remote and wide-area deployments, as well as vehicle and body-worn applications, have been sold into more than fifty countries, and have been proven in some of the world's most demanding operational environments. We also provide advanced video content analysis and body scanning to identify safety concerns and threats in real-time.

www.digitalbarriers.com

 

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